Financial Assistance

STEG is a "broker" of economic development incentives and programs. No two business projects are alike. That’s why we work with the various funding sources listed below to deliver a custom economic development package to exceed your bottom line objectives.

Chemung County Industrial Development Agency
Promotes and assists private sector industrial development, and advances job opportunities and economic welfare for the people of Chemung County.

Elmira Empire Zone
Provides benefits to businesses within the EZ that expand a facility, create new jobs, and/or prevent the loss existing jobs.

Elmira Downtown Development, Inc.
Promotes the revitalization of the central business core of the City of Elmira.

Empire State Development Corporation
Provides access to an array of services and incentives available from New York State.

Regional Economic Development & Energy Corporation (REDEC)
Provides a low cost loan program for businesses requiring capital financing at below market rates. Typical loans range from $10,000 to $100,000 fixed at a rate of prime minus one percent.

City of Elmira
Provides financing for industrial and commercial projects at well below market rate. Typical loans range from $15,000 to $200,000 fixed at a rate of prime minus two percent.

Economic Development Loan Program: Loan Preapplication in Adobe Acrobat Format (PDF)

City of Elmira Downtown Revitalization Program
Provides loans of up to $20,000 to redevelop vacant buildings within a specific geographic area. Loans require interest-only payments fixed at four percent, and convert to grants over a five-year period.

Appalachin Regional Commission
Provides grants to construct roads, water and sewer lines; to provide employee skills training, and to finance related business support projects.