| Program Name: | Industrial Finance Program |
| Program Sponsor: | Environmental Facilities Corporation |
| Program Type: | Financing |
| Technology: | Water Efficiency; Waste Management |
| Fuel: | N/A (Water and Waste) |
| Eligibility: | Water and Waste Facilities |
| Cost: | $2,500 |
As of 2024, this program is no longer accepting applications.
Description
The Industrial Finance Program (IFP) provided low-cost financings to businesses for projects related to waste management, pollution control, drinking water, wastewater and solid waste facility improvements, and environmental regulation compliance.
Eligibility
Facilities that were eligible to apply to the IFP were solid waste facilities, sewage treatment facilities, resource recovery facilities, drinking water supply and management facilities, and industrial hazardous waste disposal facilities. Different types of environmental facilities were financed with taxable IFP bonds. In some cases, the most economical way to finance a particular project may be to use funding from both the IFP and the Clean Water State Revolving Fund and Drinking Water State Revolving Fund programs.
How the Program Works
The IFP operated by providing financial assistance and incentives for businesses looking to invest in equipment, expand facilities, or create jobs can apply for assistance. Companies that were eligible collaborated with the IFP, government agencies, or approved lenders to access loans, grants, or tax incentives. By promoting economic growth, job creation, and environmentally responsible practices, IFP served as a catalyst for industrial development and job growth in the state. The minimum the IFP financed was $10 million and there was usually no maximum limit. The financing was subject to certain federal and state law requirements and approvals, including obtaining a state tax-exempt bond volume cap.
How to Apply
Applicants must complete an Eligibility Review Application that can be downloaded at https://efc.ny.gov/industrial-finance-apply.
Applicants must submit four (4) original copies, as well as a non-refundable application fee of $2,500 to the Environmental Financial Corporation (EFC). For a bond issuance the EFC prepares a project application summary and initial credit report and obtains a Volume Cap from NYS Division of Budget. Then the EFC’s Board of Directors adopts an inducement resolution, which establishes eligible expenses for the IFP financing. Finally, the applicant must complete a SEQRA requirement.
Contact Information
Phone Number: 518-402-7085
Email: Finance@efc.ny.gov