The Jamestown Local Development Corporation (JLDC) is a not-for-profit corporation established by the Jamestown City Council in April 1981. It operates as the lending agency of the City of Jamestown’s Department of Development. Importantly, no taxpayer dollars are utilized as loan funds. The seed money for this revolving loan fund was initially sourced from repaid loan proceeds from Urban Development Action Grant (UDAG), Community Development Block Grant (CDBG), and Jamestown Urban Renewal Agency (JURA) projects.
The JLDC provides fixed-rate, low-interest rate loans for a diverse range of purposes, including:
- Business Start-Up
- Real Estate Acquisition & Renovation
- Machinery & Equipment Purchases
- Local Artisan Development
- Downtown Restaurant Development
- Technology-Based Business Development
- Energy Efficiency Improvements to Commercial & Industrial Buildings
The JLDC adheres to a policy that prohibits loans for projects solely involving working capital, inventory, or refinancing.
JLDC loan amounts range from $10,000 to $350,000, depending on various loan programs and participation levels.
Loan evaluations and decisions are conducted by a nine-member Board of Directors who convene on the third Wednesday of each month. Additionally, loans exceeding $100,000 necessitate approval from the Jamestown City Council.
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.
Since its establishment, the JLDC has facilitated over 250 loans, totaling more than $13,500,000, leveraging over $60,000,000 in private investments. This has led to the creation of over 2,296 new jobs while preserving 2,379 positions. Currently, the JLDC boasts total assets of $4,577,359.06, with $2,773,304.33 in loans receivable.
Mission Statement:
The JLDC is the lending arm of the City of Jamestown and seeks to foster economic development 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.
Local Development Corporation Pages:
Board of Directors:
Polices:
