What is Financial Support?
Financial support encompasses various financial tools managed by FCEDC and its partners to support downtown revitalization. These tools include grants, loans, tax incentives, and other funding mechanisms that facilitate project implementation and ensure successful outcomes.
Facilitating Financial Support in Our Downtowns
We understand the challenges communities face in completing transformative downtown revitalization projects. Cost can be a significant barrier, especially when dealing with historic buildings that require extensive maintenance and upgrades. To address these challenges, we offer a range of financial support services:
- Small Business Loan Fund: Providing loans to help small businesses expand and thrive.
- Grant Acquisition: Securing grants for business expansion and downtown revitalization projects.
- Tax Incentives: Offering tax incentives for qualified projects to reduce financial burdens.
- Expertise and Capacity: Bringing additional funding opportunities to communities, businesses, and organizations.
Spotlight on Success: Black Mountain Architecture
An example of our financial support in action is the expansion of Black Mountain Architecture (BMA), a home-grown architectural design firm located in Downtown Saranac Lake. When BMA decided to expand by building a new two-story office building on the site of an existing one-story structure, FCEDC was there to help.
Assisting BMA was a natural fit for us because supporting small business expansion in one of Franklin County’s downtowns aligns with our mission. Our relationship with BMA began when the company was awarded a competitive grant through FCEDC’s Energize Downtown Fund, provided through the Saranac Lake Downtown Revitalization Initiative (DRI). As founder Jesse Schwartzberg moved closer to starting the project, rising costs jeopardized the project even with the grant award.
FCEDC stepped in to help by providing two loans and a sales tax exemption through our Industrial Development Agency to reduce construction costs. After a quick construction period, BMA staff moved into and are now enjoying their new office space. The rise of the new building symbolizes the growth of a local professional services business and the continued resilience of Downtown Saranac Lake. It demonstrates FCEDC’s commitment to serving local businesses and communities.
