Tompkins County Area Development

Supporting business creation, retention, and expansion – contributing to a thriving and sustainable local economy

Updated August 11, 2020

Reopening References: your source for returning to work and life!

The COVID-19 Economic Development Resource Providers Group created annotated lists of back-to-work guidance and industry playbooks, financing options, and PPE manufacturers and providers, all aimed at helping you move forward!

Members of the group include TCAD, Tompkins County Chamber of CommerceDowntown Ithaca AllianceVisit Ithaca,  the City of IthacaTompkins Workforce New YorkSmall Business Development Council, and Alliance for Manufacturing & Technology.

Please contact TCAD or any group member for help or more information.

Guidance and industry playbooks for reopening.

Financing references and resources for reopening.

Personal Protective Equipment (PPE) for reopening.

COVID-19 News & Resources

August 7, 2020

Governor Cuomo Announces NYS Schools Can Reopen

Governor Cuomo announced that all schools in New York State are cleared to reopen this fall, but that he can revisit that decision if numbers begin to rise. Read more

The Ithaca Voice compiled all of the school plans proposed by districts in Tompkins County. Read more

 

July 31, 2020

Rheonix Receives State Award to Produce COVID-19 Test Kits

Governor Cuomo announced that 12 New York companies will produce COVID-19 related equipment and supplies to support in-state needs with assistance from New York State. One of those companies, Rheonix, is located here in Tompkins County. Rheonix will receive $750,000 to produce 6,790 testing kits for New York State customers by the third quarter 2020, and net 53 new jobs. Rheonix focuses on molecular testing and pivoted product development to test for COVID-19 at the start of the pandemic, allowing for same day test results using their fully automated testing machine.  Read more
Rheonix was also mentioned in Governor Cuomo’s Op-Ed about how to do testing correctly. Read more.
Listen here to Rheonix’s Chairman and CEO, Greg Galvin, describe how Rheonix is surviving and thriving during the pandemic.

July 16, 2020

Paycheck Protection Program Data Points to Thousands of Projected Retained Jobs in Tompkins County

1,255 local businesses approved for PPP loans in Ithaca and Tompkins County, 12,739 projected retained jobs.  

Tompkins County Area Development (TCAD), recently evaluated the PPP loan-level data released by the U.S. Department of the Treasury in July for all 56 states and territories. The PPP was implemented by the Small Business Administration (SBA) to help small businesses survive and retain jobs in very uncertain times. The SBA will forgive the loans if employee retention criteria are met and the funds are used for eligible expenses. Many businesses took part in the PPP and over 12,000 jobs in Tompkins County are projected to be retained due to PPP loans. Read more

June 24, 2020

Masks Are Gorges Video 

TCAD is proud to have joined with community partners (Tompkins ChamberDowntown IthacaIthaca is Gorges (Ithaca & Tompkins County Tourism), Ithaca Mayor Svante Myrick, Tompkins County Health Department, Ithaca Flair) in contributing to the making of the #MasksAreGorges video!

https://youtu.be/hkc2WTE1Iro

“My Mask Protects you; your mask protects me.”

“We are all in this together.”

Resiliency Resources for Tompkins County Businesses

The Resiliency Resources for Tompkins County document includes essential financial, workforce, general, and health resources, from local, state, and federal sources, during the COVID-19 crisis.

TCAD Emergency Relief Loan Program

TCAD Emergency Relief Loan Program

Tompkins County Area Development (TCAD) is introducing a short-term emergency relief fund for businesses in Tompkins County that have been impacted by the Coronavirus pandemic.

 

The Emergency Relief Loan Program (The Fund) will provide 3-year term loans to traded sector businesses whose customers are regional or national in scope (businesses who primarily sell products or services outside Tompkins County).
The loan will be for working capital to:
  • Prevent staff reductions
  • Allow business operations to continue
  • Offset losses related to the Coronavirus COVID-19

 

Loan terms:

  • Maximum amount offered for this 36-month loan is $50,000
  • Interest rate is 2.5%
  • Principal and interest payments are deferred for one year
  • There is no equity requirement

Eligible Borrowers:

  • Legally recognized forms of business, including sole proprietorships, partnerships, corporations, limited liability companies, limited liability partnerships, professional service corporations, not-for-profit corporations, and cooperatives.
  • Business must be located in Tompkins County, must provide evidence of loss in revenue or cash flow within the last 60 days, and must be currently operating, even if only remotely.

Eligible Loan Uses Include:

  • Working capital (including payroll coverage)
  • Inventory
  • Equipment
  • New marketing efforts
  • Other reasonable business expenses

The loan may not be used to pay off existing loans or debt.

There is no cost to apply. There are no closing costs and no filing fees.

Loans will be available until funds are committed or until October 1, 2020.

For further information and to request an application please contact Chuck Schwerin at chucks@tcad.org.

Tompkins County Area Development (TCAD) focuses on economic development in Tompkins County. Since 1964, TCAD has continued to work tirelessly to grow, retain, and attract companies that provide high-quality employment opportunities. We strive to create a supportive environment for entrepreneurship and business development. Regardless of the economic times, we have continued to achieve successes.

Incentives and Programs

Tompkins County Development Corporation

TCDC promotes economic development initiatives in Tompkins County by offering tax-exempt bonding opportunities to not-for-profit organizations. Learn More

Industrial Development Agency

TCIDA delivers economic incentives to business and industry to diversify and strengthen Tompkins County’s tax base and enhance community vitality. Learn More

Loan Funds

Revolving Loan Funds are a popular economic development tool, delivering high risk capital to projects that cannot be financed by conventional sources. Learn More

Tourism Capital Grants

TCAD administers the Tourism Capital Grants program which supports capital projects at tourism destinations in Tompkins County. Learn More

Finger Lakes Regional Prosperity Network (FLRPnet)

FLRPnet extends the capacity and reach of economic development efforts in Tompkins County and the greater Finger Lakes region. Learn More

Tompkins County Economy and News

Learn more about the Tompkins County economy below and sign up for our economic newsletter for the latest in economic news every month.

Economic Data

Tompkins County Traded Sectors and local sectors by the numbers. Learn more

Workforce

The area also attracts experienced and skilled workers from afar for specialized employment opportunities. Learn more

Startup Community

The startup community brings together University, city and private sector partners to make Ithaca the best place to launch and grow a startup. Learn more