Ithaca Area Economic Development – New Name, Same Mission!

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

We are excited to announce that we have a new name and a new logo!

 

Ithaca Area Economic Development better represents what we do and will help us be more successful in all of our ongoing and future efforts. The name change will also strengthen our ability to continue as a leader in economic development, providing innovative solutions and dedicated services to our business partners.

 

We look forward to continuing to contribute to business creation, retention, and expansion in Ithaca and Tompkins County, addressing ever evolving challenges, and providing the services necessary to build a thriving and sustainable economy.

Check out the video below to see more about our new name and logo!

 

Listen as Heather McDaniel, President of Ithaca Area Economic Development, and Chet Osadchey, President of Cayuga Radio Group, discuss how changing TCAD’s name will strengthen the organization and support the mission to build a thriving and sustainable economy in Ithaca and Tompkins County.

 

 

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

Ithaca Area Economic Development 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

IAED Emergency Relief Loan Program

Ithaca Area Economic Development (IAED) 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@IthacaAreaED.org.

Ithaca Area Economic Development (formerly Tompkins County Area Development (TCAD)) focuses on economic development in Tompkins County. Since 1964, Ithaca Area Economic Development (IAED)  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

Ithaca Area Economic Development 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