If you’ve ever wanted to open a retail shop in one of those new, mixed-use buildings that are going up in Suffolk’s downtown areas and around train stations, now might be the time to get moving.
The Suffolk County Economic Development Corporation has partnered with the National Development Council to offer low-interest loans to retailers that locate in the county’s transit-oriented development districts, which most notably consist of projects like New Village at Patchogue, the Ronkonkoma Hub and Wyandanch Village.
The groups jointly announced the establishment of the First-Generation Transit-Oriented Retail Development Revolving Loan Fund last week.
County Executive Steve Bellone called the new funding mechanism “vital to continue laying the groundwork for the growth of Suffolk County’s innovation economy.”
Through the new program, business owners can apply for loans ranging from $20,000 to $75,000 at a fixed annual rate of 3 percent. Loans will be made available to qualifying applicants for leasehold improvements, machinery, equipment and working capital.
The loans are awarded on a competitive basis and are subject to qualification criteria, according to the announcement. Transit-oriented developments typically consist of a mix of retail and multifamily housing near transportation centers.
“By strategically supporting small business development around popular public transit hubs, we are bolstering the evolution of these communities into thriving downtowns,” Bellone said. “This endeavor will make capital available to businesses positioned to make an immediate impact and aid the revitalization of many great Suffolk County communities.”
“When you employ a smart development strategy and combine it with access to low-cost capital, you establish a framework that creates the environment needed for businesses to grow and establish a pathway for economic success,” said Theresa Ward of the Suffolk County Economic Development Corporation.
Businesses looking to take advantage of the offers produced by the First-Generation Transit-Oriented Development Retail Revolving Loan Fund are encouraged to contact Louis Bekofsky, Executive Director/CEO or Regina Zara, Deputy Executive Director/CFO, SCEDC at 631-853-4800 or by email at SuffolkEDC@SuffolkCountyNY.gov.