Small Business

Our Small Business Loan Financing Division provides a full range of government financing and conventional financing, as well as New York City and New York State incentives in addition to economic development benefits, including 90% small business loans (SBA financing), conventional commercial financing, and other types of incentives such as New York City IDA Straight Lease benefits, Tax Exempt Bond financing, ICIP and ICAP Property Tax Abatements, Relocation Grants, ECSP and BIR and other electrical discount programs.

Small Businesses that are thinking of expanding and relocating need all the help they can to navigate the wide array of economic development incentives that localities offer. Choices between PILOT property tax freezes, land tax abatements, and assessed value exemption programs are confounding, to say the least. How does a company structure a transaction to take maximum advantage of the numerous packages of benefits? Contact the City One experts.

Relocation Employment Assistance Program (REAP)

The REAP program provides incentives to companies that relocated to specific sections of the outer borough from Manhattan, south of 96th Street or from outside the city. Incentives include an annual tax credit against city business tax liability of up to $3,000 per eligible employee.

ICIP/ICAP

Providing significant real estate tax relief in the form of property tax abatements for 10-25 years, the New York City Industrial and Commercial Incentive and Abatement program is eligible for commercial and industrial buildings. The amount of renovation and location will determine the amount of eligible tax relief. 

Energy Cost Savings Program

Using the energy cost saving program can provide a reduction of up to 45 percent of the company's electric bill and 35 percent reduction of the gas bill, the transmission and distribution portion only, for certain eligible companies.