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Stimulating Small Business Growth in Broome County

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The Broome County IDA and the National Development Council are teaming up to stimulate small business growth in Broome County.

The Grow Broome Fund is a lending program which will leverage a $250,000 commitment from the IDA making up to $2 million available for lending to qualified small businesses. The program will provide qualified borrowers with longer loan terms, larger loans as well as lower down payments and interest rates.

Exec. Director of Broome County IDA, Kevin McLaughlin says, "We as a staff and especially the board made it one of our priorities, especially in our strategic plan, to reach out to small businesses. This is just another way to do that . We believe that we have to take care of our businesses in Broome County."

According to McLaughlin the IDA has already begun dealing with a couple companies through the Grow America Fund, the parent organization of the new Grow Broome Fund.