The Jamestown Local Development Corporation (JLDC) is a not-for-profit corporation created by the Jamestown City Council in April 1981 which serves as the lending agency of the City of Jamestown’s Department of Development. No taxpayer dollars are used as loan money. Seed money for this revolving loan fund was provided by repaid loan proceeds from Urban Development Action Grant (UDAG), Community Development Block Grant (CDBG), and Jamestown Urban Renewal Agency (JURA) projects.
The JLDC offers fixed, low interest rate loans, (currently 5% – 6.5%), for a variety of purposes including;
- business start-up,
- real estate acquisition and renovation,
- machinery and equipment purchases,
- local artisan development,
- downtown restaurant development,
- technology based business development,
- and energy efficiency improvements to commercial and industrial buildings.
The JLDC, by policy, cannot provide loans for projects that involve only working capital or inventory nor refinance loans.
JLDC loan maximums range from $35,000 to $350,000 based upon various loan programs and varying percentage participation levels.
Loan reviews and decisions are made by a nine (9) member Board of Directors who meet on the first Monday of each month. In addition, loans over $100,000 must be ratified by the Jamestown City Council.
The JLDC requires a minimum ten percent (10%) cash equity infusion by all project applicants and requires all loans to be personally guaranteed by principals within the business.
Since its inception, the JLDC has made and administered over 250 loans, totaling more than $13,500,000, which has leveraged in excess of $60,000,000 in private investment. This has resulted in the creation of more than 2,296 new jobs while preserving 2,379 positions. The JLDC currently has $4,577,359.06 in totals assets with $2,773,304.33 in loans receivable.
Local Development Corporation Pages:
- JLDC Mission/Bylaws
- JLDC Meeting Minutes
- JLDC Budgets
- JLDC Financial Statements
- JLDC Measurements
- Loan Programs
The JLDC is the lending arm of the City of Jamestown and seeks to foster economic development through the provision of low interest rate loans to Jamestown businesses and industry as a means to encourage private sector investment via the expansion of existing firms and the establishment of new businesses with the ultimate goal of preserving or increasing the real property tax base and retaining and creating jobs.
Board of Directors
For More Information
Stephanie Wright, Economic Development Coordinator
Department of Development
Third Floor, Municipal Building
Jamestown, NY 14701
Phone: (716) 483-7541
Fax: (716) 483-7772