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Linked Deposit Program (LDP)

Date Last Updated11/16/2012
Incentive TypeLoan
State/FederalNY
Incentive Administrator/Contact OfficeEmpire State Development Corporation
Incentive Initiation Date2/11/1994
Incentive Size and Funding SourceThe Linked Deposit Program helps New York state firms obtain reduced-rate financing. Structured as a public-private partnership, businesses can obtain subsidized loans (subsidized by state deposits) with a 2-3% interest rate reduction. An eligible business can now have an unlimited number of LDP loans outstanding, totaling $1.5 million. The single deposit limit is $1 million; there is no minimum deposit. Total lifetime assistance (including renewals and prior deposits) cannot exceed the legislated lifetime maximum of $2 million. Borrowers can apply for a 4-year renewal/extension on an existing 4-year LDP loan, thereby increasing the total term of assistance on certain loans to 8 years.
Eligible RecipientThis program helps existing New York State firms undertake projects to "improve their competitiveness, market access and product development; modernize their equipment and or expand their facilities for productivity growth or to introduce new technologies; to facilitate ownership transition; and to promote job creation retention."
Eligible FuelDoes Not Specify
Eligible Project Size (MW)Does Not Specify
Minimum Efficiency Required (%)Does Not Specify
Other Selected Eligibility Criteria2% interest rate reduction for:
  • Manufacturers with 500 or fewer full-time employees in New York State.
  • Service firms with 100 or fewer full-time employees in New York State that are independently owned and operated and not dominant in their field.
3% interest rate reduction for:
  • Agricultural businesses with 500 or fewer full-time employees in NYS that need financing to expand or improve agricultural operations.
  • Empire Zone certified business with 100 or fewer full-time employees in New York State.
  • Businesses in highly distressed census tracts with 100 or fewer full-time employees.
  • Businesses in a Federal Empowerment Zone, or Enterprise or Renewal Community with 100 or fewer full-time employees.
  • Certified Minority- or Women-Owned Business Enterprises (MWBEs) that need financing to fulfill a New York State or federal procurement contract.
  • Defense industry manufacturers with at least 25% of gross revenue derived from defense contracts subcontracts investing to reduce dependence on the defense industry by diversifying production to non-military markets.
  • Agricultural firms (as defined in subdivision two of section 301 in the Agriculture & Markets Law) undertaking projects that will expand or improve agricultural operations and create or retain full-time permanent jobs within New York State.
Ineligible entities include:
  • Personal and professional service businesses not located in a Highly Distressed Area, Empire Zone, Federal Empowerment Zone, or Enterprise or Renewal Community.
  • Start-up businesses.
  • Retail businesses not located in a Highly Distressed Area, Empire Zone, Federal Empowerment Zone, or Enterprise or Renewal Community.
Application Form(s)Application Package (PDF) (8 pp, 555K)
Resource Website(s) http://esd.ny.gov/BusinessPrograms/LinkedDeposit.html exit EPA

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