The Mohawk Valley can offer a variety of incentives aimed at helping businesses; both international companies looking to move, as well as locally owned small businesses looking to grow. By making available loans, grants, and tax credits, the Mohawk Valley supports its businesses by addressing their needs and promoting their development.
Our staff has direct access and in-depth understanding of incentives and loans, and we work closely with the state of New York to package incentive proposals targeted to the needs of individual businesses.
Whether it is grants, loans, bonds or tax exempt financing contact us to learn more about incentive programs in the Mohawk Valley, and which programs may be available and appropriate for your business or project.
NYS GRANT FUNDS
Capital grant funding is available from the Mohawk Valley Regional Economic Development Council and Empire State Development for capital-based economic development projects intended to promote jobs or increase business or economic activity.
New York State Homes and Community Renewal Grant
With our partners at Oneida County, EDGE is administering the Office of Community Renewal’s Economic Development, Small Business Assistance, and Microenterprise programs. New York State provides grants to communities that sponsor economic development activities, which create or retain jobs for low- and moderate-income persons. In these programs, Mohawk Valley EDGE works with Oneida County to apply for grant assistance on behalf of the business seeking funding, as awards are made to the applicant community and not directly to businesses. Businesses may seek funding for business investment projects that result in job creation and/or retention. Please contact EDGE for more information.
Excelsior Jobs Program
The Excelsior Jobs Program encourages businesses to expand in and relocate to New York by providing four types of fully refundable tax credits to eligible applicants. Businesses claim the credits over a benefit period of up to 10 years. To earn credits, firms must meet and maintain established job and investment thresholds. The Excelsior Jobs Tax Credit, which is frequently offered to business investment projects in the Mohawk Valley, provides a credit of 6.85% of wages per net new job.
LOCAL TAX ABATEMENT
Oneida County Industrial Development Agency provides major local incentives to new companies and expansion projects:
- Payment in Lieu of Taxes (PILOT) Programs offset local real estate taxes
- Relief from Sales Tax (8.75%) on building materials and supplies
- Exemption from Mortgage Recording Tax
Mohawk Valley EDGE is responsible for overseeing and administering several revolving loan funds that are used for economic development. These funds are available to support economic development projects that will create jobs, support the retention of existing jobs, enhance the tax base of the area and provide other benefits to the region’s economy.
Mohawk Valley EDGE does not discriminate on the basis of race, color, national origin, sex, age, or disability in its program or activities.