Job Development Authority Ny

this program provides direct loans for the growth of manufacturing and other eligible businesses within new york state by assisting in financing a portion of the cost of acquiring and renovating existing buildings or constructing new buildings (“real estate” projects) or for purchasing machinery and equipment (“m&e” projects). funds to make loans are derived from the sale of state-guaranteed bonds. * program highlights - in most cases, jda loans can be for up to 40% of the total project cost of real estate projects or m&e projects. - loans may be up to 60% for projects located in empire zones or economically distressed area. - the combination of a bank loan and a jda loan allows up to 90% financing of a project. - typical financing structure: 50% bank loan 40% jda loan 10% borrower equity - a jda real estate loan is normally a second mortgage loan, subordinate to a first-mortgage loan provided by a bank; m&e loans are secured by a first lien, co-equal with the bank’s lien, on the m&e b