Statewide Zone Capital Corporation of New York
 
New York’s Empire Zone program is one of the most effective job creation and economic development programs available. Through Statewide Zone Capital Corporation (SZCC ), a privately-owned loan fund whose capital is available to promote the expansion and growth of businesses in New York’s 51 participating Empire Zones, financing is available for both existing and new businesses.
 
Operations of SZCC are managed by NYBDC. SZCC is intended to complement conventional bank financing by partnering with banks to provide credit to businesses, many of which do not meet the requirements for traditional financing.
 
Benefits of SZCC Financing
 • Loan Amounts
 • Below-market interest rates
 • Minimum down payment requirements
 • Flexible repayment terms 
 • Economic development financing for participating

    New York State Empire Zones
 • Flexible repayment terms
 • Gap financing
 
Loans range from $30,000 to $300,000. Bank or other lender participations are desired.
 
Use of Funds
 • Working capital
 • Real estate
 • Leasehold improvements
 • Machinery & Equipment
 • Relocation
 • Business acquisitions
 • Some debt refinancing
 
Interest Rates
Below market fixed interest rates are available. See our Current Interest Rates table for current information.
 
Collateral
Collateral will be sought to secure all SZCC financing. Acceptable security includes real estate mortgages (business or personal); liens on business assets; other corporate and/or personal guarantees; and assignment of life insurance policies.   
 
Fees
A non-refundable application fee of $250 is to accompany each application upon submission to SZCC. Origination fees may be assessed where applicable.
 
Repayment Terms
Range from 3 to 15 years. Maturities will be based upon the use of loan proceeds, and the terms of the loan will approximate the useful life of the underlying asset/collateral.
 
The SZCC Application Process:
Step 1: A business needing financing must be located in or planning to locate in one of the 51 participating Empire Zones.
 
Step 2: A business must obtain zone certification from Empire State Development and be qualified as eligible to apply to SZCC for financing by the local zone administrative board. Certification and qualification are based on job creation and/or retention, capital investment in the zone or an ability to meet other economic development goals of the individual zone.
 
Step 3: A business must provide a credit application to SZCC and the participating lender. Our Loan Application Checklist outlines the information needed to review your loan request.
 
Step 4: NYBDC underwrites SZCC's portion of the credit application. NYBDC's Regional Loan Committee and SZCC's Investment Committee vote concurrently on the credit application. With approval from the participating lender, a closing is scheduled.
 
Contact James Conroy or the loan officer who is assigned to your region to discuss your questions about SZCC.