Jamestown Local Development Corporation

The Jamestown Local Development Corporation (JLDC) is a not-for-profit corporation established by the Jamestown City Council in April 1981, and functions as the lending arm of the City. The seed money for the JLDC’s revolving loan fund was initially sourced from repaid loan proceeds from Urban Development Action Grant (UDAG), following in the wake of urban renewal. Currently, the JLDC boasts total assets of $4,381,807.08, with $2,228,900 in loans receivable.

Mission Statement

The JLDC seeks to foster economic development opportunities through the provision of low-interest rate loans to Jamestown businesses and industry as a means to encourage private sector investment via the expansion of existing firms and the establishment of new businesses with the ultimate goal of preserving or increasing the real property tax base and retaining and creating jobs.

Loan Programs

The JLDC provides fixed-rate, low-interest rate loans for a diverse range of purposes, including but not necessarily limited to the following:

Startup inventory/working capital expenditures
Building and/or business acquisition
Construction and/or renovation of real property, including:
- Building additions
- Building façade improvements
- Replacement of or improvements to HVAC systems
- Window replacements
- Interior building renovations

JLDC loan amounts range from $10,000 to $350,000, divided into three tiers:

SBDA Loan Program: Up to $75,000 (70% of project cost)
JAPI Tier I: Up to $200,000 (35%)
JAPI Tier II: Up to $350,000 (25%)

Please note that applicants are required to inject a minimum of ten percent (10%) cash equity into their projects, and all loans must be personally guaranteed by the business principals in addition to other forms of collateral.

Loan evaluations and decisions are conducted by a nine-member Board of Directors who convene on the third Wednesday of each month at 5:30pm, and applications must be submitted no less than two weeks before the board meeting. Additionally, loans exceeding $100,000 necessitate approval from the Jamestown City Council. Meetings are also live streamed through the City’s website.