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MCIDC Business Financing Programs
INFRASTRUCTURE DEVELOPMENT PROGRAM (IDP)
Description: Grant and low-interest loan financing for public and private infrastructure improvements.
Eligibility:
Municipalities, industrial development authorities & corporations, municipal authorities, redevelopment authorities, and local development districts may apply for IDP assistance for themselves or to eligible private companies and developers engaged in the following enterprises:
- Agricultural
- Industrial
- Manufacturing
- Research and development
- Export
- Real estate developers who are developing sites for eligible private companies
Eligible Uses:
- Transportation facilities, airports
- Clearing and preparation of land and environmental remediation
- Water and sewer systems
- Energy facilities
- Parking facilities
- Storm sewers
- Bridges, waterways
- Rail facilities
- Port facilities
At former industrial sites only:
- Land and building acquisitions
- Construction and renovation by private developers
- Telecommunications infrastructure
Where to Apply: MCIDC office
Amounts:
- Loan and grants up to $1.25 million
- No more than 20% of the annual appropriation for a single municipality
- No more than 10% of the annual appropriation will be loaned or granted to applicant for speculative greenfield projects not involving private companies
Terms/Conditions:
- Grants for public infrastructure
- Loans to private businesses at 3% interest rate
- Up to 15-year terms
- 2 : 1 private to public match required
- $25,000 cost per job to be created within five years of 10 new full-time equivalent jobs whichever is greater
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