Revolving Loan Funds are a popular economic development tool, delivering high risk capital to projects that cannot be financed by conventional sources. Loans are generally used as gap financing where the existing bank financing and equity available are not sufficient to meet project costs.
The aim of the TCAD Loan Fund Program is to create quality employment opportunities by helping entrepreneurs start new businesses, expand current operations and attract businesses to Tompkins County.
The TCAD Loan Fund Program is targeted to businesses selling a product or service to customers outside of Tompkins County. Businesses primarily selling products or services locally are considered if the business can demonstrate it will not compete with other local businesses and it will create or retain permanent full time jobs.
In 2009, TCAD expanded the Program to deliver assistance to high tech start-up companies using a quasi-equity investment model to better serve the needs of early-stage companies.
Since 1989, TCAD has loaned $2 million to 57 companies that have created over 900 jobs. TCAD can help connect you with the right loan for land, building, working capital, machinery, or equipment.
TCAD Loan Program Policies are available here.
This institution is an equal opportunity provider, employer, and lender.
If you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination Complaint Form, AD-3027, found online at http://www.ascr.usda.gov/complaint_filing_cust.html, or at any USDA office, or call (866) 632-9992 to request the form. You may also write a letter containing all of the information requested in the form. Send your completed complaint form or letter to us by mail at U.S. Department of Agriculture, Director, Office of the Assistant Secretary for Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, by fax (202) 690-7442 or email at firstname.lastname@example.org.
Emmy’s Organics, founded in 2009 in Ithaca, manufactures and distributes certified organic, non-GMO, vegan, gluten-free, dairy-free, and kosher coconut based cookies. Emmy’s products can be found at major retailers throughout the United States and Canada including Whole Foods Markets, CVS, Rite Aid, Wegmans, and Sprouts. As demand for their products grew, Emmy’s knew they needed to expand. They wanted to stay in Tompkins County so they decided to purchase a building located at 15 Royal Road in the Town of Dryden. Purchasing and renovating the building in Dryden enabled Emmy’s to remain in Tompkins County and to bring back in-house production that had been shifted to a co-packer out of state.
The $2.3 million project encompasses buying the approximately 20,000 square foot building along with interior renovations including adding a processing room, additional office space and bathrooms, and the purchase of equipment. Tompkins Trust Company and the Southern Tier Regional Economic Development Council helped finance the purchase. The project also received an incentive delivered by the Tompkins County Industrial Development Agency (TCIDA) along with a loan from TCAD’s revolving loan program. Emmy’s will retain 27 jobs and plans to create eight new jobs.
South Hill Cider
Steve Selin, owner of South Hill Cider, has been bottling his own cider since 2003. In the last couple of years Steve decided it was time to expand his operations and build a new facility with a tasting room.The 3,800 square foot facility will allow the cidery to double its production in 2019 and 2020. The 1,200 square foot tasting room will offer a beautiful view across the Cayuga Lake Valley south of Ithaca. South Hill Ciders are sold by retailers including Whole Foods Market, Brooklyn Cider House, Ithaca Beer Co., and Moosewood Restaurant. South Hill Cider also distributes cider throughout much of New York State, to Japan, through mail orders, and at farmers markets. The new facility is close to completion and the tasting room will open this September. We can’t wait to stand at the bar and sip some South Hill Cider!
Founded in 1998, Ithaca Beer completed its first major expansion in 2012, building out a new 16,000 square foot brewery with an adjoining taproom and restaurant. In 2015, Ithaca Beer started a second major expansion, doubling its space with an addition of 24,000 square feet. The expansion created additional room for new fermentation and conditioning tanks and a new state-of-the-art automated bottling and kegging system, increasing capacity to brew over 90,000 barrels of beer per year.
“In my early days getting Ithaca Beer started, I was able to get some great support from TCAD. Without their help, I don’t believe I would have gotten the support of other financial entities critical to getting my company off the ground.”
Dan Mitchell, Founder, Ithaca Beer Company
iFyber is a contract research and technical services firm that develops customized test methods for the medical device, biopharma, diagnostics and regenerative medicine industries. iFyber’s success is predicated on having highly skilled technical staff with strong communication skills.
Founded by students at Cornell University in 2012, Rosie has quickly gained traction in its markets. Rosie was founded to, “provide a fantastic shopping experience for each of their customers,” said CEO Nick Nickitas. Rosie is a platform that allows consumers to shop online for groceries at their favorite local stores. The company is appealing to many consumers because it offers convenience and ease of use. The retailers they work with enjoy the insights their unique algorithms provide.
“TCAD’s loan fund provided critical funding to rapidly accelerate the growth of our start up company. That funding enabled us to keep our headquarters in Ithaca and raise millions in follow on capital from venture firms in NYC, Boston, and Washington DC. Since then, we’ve grown from 9 to 46 employees, creating career track positions and attracting young talent to move to Ithaca. We couldn’t have done it without TCAD’s support and ongoing commitment to our company’s success.”
Nick Nickitas, Founder & CEO, Rosie
A $103,500 loan to Concept Systems, a woman-owned business that provides on-site and web-based software and consulting services used by organizations for consensus building and decision-making. Headquartered on the Ithaca Commons, Concept Systems is redesigning and upgrading its on-line software platform to increase functionality.
Finger Lakes ReUse
Tons of building materials, computers, electronics,
household goods, appliances, and furniture
unnecessarily enter the landfill each year. Used
materials that are often wasted, are assets with
overlooked economic value. Finger Lakes ReUse
taps this value to strengthen our economy, build
community, and protect our environment by
re-directing materials from the waste stream into
productive new uses. In 2014, they purchased and
renovated a new retail storefront in the City of
Ithaca, increasing local opportunities to divert waste
and increase the reuse of used materials.
“Finger Lakes ReUse has been grateful for the technical assistance and guidance from TCAD as we’ve been able to grow and increase our impacts on waste reduction and reuse-related skill-building opportunities. Heather in particular provided key advice in the early stages to focus on our revenue generating activities, and was instrumental in helping us obtain a working capital loan to expand into our downtown location.”
Diane Cohen, Executive Director, Finger Lakes ReUse, Inc.
From the Ithaca Farmer’s Market to its retail space on Franklin Street, The Piggery is a value added; artisan meat process selling a line of premium pork products. Raising heritage breeds of pigs on their farm, they then turn their pastured pork into world-class charcuterie. The Piggery has found great success in growing their business in Tompkins County. In 2013, The Piggery began the renovations to upgrade their Franklin Street retail space to a USDA inspected production facility, enabling them to enter the wholesale marketplace.
“Before meeting with TCAD, we were considering relocating our wholesale business to either Cortland or Syracuse. Working with TCAD reinforced our mission to grow jobs in our community and helped create a foundation to keep growing our business in Tompkins County.” — Heather Sandford Owner, The Piggery
An Ithaca food startup, Grainful produces a line of all-natural, frozen entrees centered around steel cut oats. Grainful is committed to bringing the wholesome goodness of steel cut oats and clean natural ingredients to lunch and dinner. Heart healthy steel cut oats are the perfect grain and great in every meal! Pairing the grain with flavors from around the world, Grainful aims to create a brand new category in the frozen food section.
“It has been a pleasure to work with TCAD. Heather and her team understand the hurdles we face as a small business and, most importantly, go above and beyond to give us access to the resources that enable us to overcome these hurdles and grow.” – Jan Pajerski, President, Grainful
The Ithaca Coffee Company (ICC) has been expanding the sales of their unique selection of house-roasted coffees. Their coffees can be purchased wholesale or brewed for you at one of their espresso bars by their trained baristas. In 2012, ICC diversified their customer base by expanding into the Rochester and Binghamton markets. In 2014, ICC purchaed a building and a new coffee roaster to continue their wholesale expansion