The Purpose of the Cheektowaga Economic Development Corporation (CEDC)

• To facilitate the expansion and retention of businesses in the Town of Cheektowaga 

• To create employment opportunities

• To expand the Town of Cheektowaga's commercial tax base

• To increase property tax revenues

• To increase sales tax revenues

How the CEDC Operates

• The CEDC provides working capital in the form of secured low interest loans.

• The CEDC meets regularly to review applications for new loans and to review the status of current loans 

History

• The CEDC was formed on June 10, 1983

• The CEDC is a quasi-public local development corporation

• The CEDC is a Not-For-Profit Agency comprised of area business and community leaders

• The CEDC carries out economic development under the Community Development Block Grant Program

Uses of Funds

Some Examples...

• Purchase of fixed assets

• Current assets, including inventory and receivables

• Permanent working capital

• Refinancing of existing debt

Eligibility Requirements

• Principal business activity to be impacted must be located within the Town of Cheektowaga

• Business activity involving one of the following:

  • Manufacturing

  • Warehousing

  • Wholesale distribution

  • Retail or Service trade

• Assistance must directly result in the creation or retention of employment positions

Program Standards

• Employment Cost Ratio - The amount of program financing may not exceed $35,000.00 for each employment opportunity created.

• Program Financing Amount - No greater than the minimum amount necessary to affect the business activity.

• Maximum Amount - no established policy, although limits may be determined based on the availability of funds.

• Minimum Amount - $10.000.00