Business Incentives

Available In Montgomery Country

Financial Assistance

A number of traditional and alternative financing mechanisms are available for small businesses, manufacturing, warehousing and industrial facilities located in or locating to Montgomery County. Locally controlled loan funding is used in combination with regional, state and federally funded programs. Montgomery County Industrial Development Agency (MCIDA) offers: Tax-Exempt Industrial Development Bonds - both public and private placement. The Agency is empowered to issue industrial development bonds for manufacturers. Because the interest which accrues to the bond holder is exempt from federal and state personal income tax, the effective rate of borrowing is generally below the prime interest rate. This tool can be used for all eligible project costs including machinery and equipment, acquisition and/or construction of new facilities.

Taxable Industrial Development Bonds - similar to the tax exempt industrial development bond, this tool is commonly used for projects which are not eligible for tax-exempt financing (non-manufacturers). The expected rate of borrowing is set at prime or slightly above prime by the Bond Holder or if, a public issue, by the underwriter.

Both Tax-exempt and Taxable bonds provide an opportunity for expanding businesses to negotiate a payment in lieu of tax agreement which can provide substantial reduction in real estate, construction sales and mortgage recording taxes.

Regional financing programs sponsored by the Mohawk Valley Economic Development District, Inc. and the Mohawk Valley Rehabilitation Corp. are available for matching funds to assist companies in the Mohawk Valley Region. Montgomery County is an active participant in the District. Financing is available for working capital, real estate acquisition and renovation, machinery and equipment financing. MVEDD also sponsors EDA grant funding and an SBA 504 program.

Transportation

Montgomery County's strategic location and sophisticated infrastructure puts it within easy reach of all important U.S. population centers. Its locale also provides unique access to the new Free Trade opportunities in Canada and unequivocally helps to promote global linkage.

Air Service Worldwide

The Albany County Airport, located approximately 35 miles to the east, offers commercial air traffic connections to major hubs throughout the U.S. and points throughout the world. The airport encompasses 900 acres with two asphalt runways, 7,200 feet North/South and 6,000 feet East/West. Its passenger terminal has full passenger handling capabilities. Air service is provided by the following major airlines and commuter lines: American, American Eagle, Air Canada, Continental Express, Delta, Delta Express, Northwest, Southwest, United, USAir and US Airways Metro Jet. Attracted by the Airport's central location, air freight carriers including Federal Express, UPS, Airborne, Mobile Air Transport and the US Postal Service occupy a 21,200 square foot cargo facility.

Regional

The Oneida County Airport, located approximately 40 miles to the west of Montgomery County, offers commercial air traffic connections on a smaller scale. The airport encompasses 550 acres with two asphalt runways, 6,000 feet East/West and 5,400 NW/SE. Its passenger terminal also provides full passenger handling capabilities. The Oneida County Airport is served by USAir Express.

Local

The Fulton County Airport, located approximately 10 miles to the North, offers easy access to small corporate aircraft. Its runways measure 4,000 feet in length and runs East/West in direction.

Highways

The New York State Thruway, which offers approximately 40 miles of interstate through the center of Montgomery County, dramatically helps to improve the success potential of local businesses. The Thruway provides three interchanges, with a fourth under consideration, which connects the County directly to the Midwest and New England markets. Within thirty minutes of Montgomery County, the Thruway intersects Interstate 88 and Interstate 87, the Adirondack Northway, to provide links to Canada, New York City and points South.

Rail Service

Rail Services are provided in Montgomery County by two companies: CSX and Amtrak. Montgomery County is served by approximately 120 miles of well constructed and maintained rail. Both Amtrak and CSX run predominately in an east-west direction following the natural run of the Mohawk River. Amtrak services the areas with five passenger trains passing through the County daily. CSX, running twenty-four hours a day, uses the lines frequently with approximately 40 freight trains passing through Montgomery County each day. Rail is currently available at several sites with proposed plans to expand to additional locations.

Waterways

The New York State Barge Canal/Mohawk River spans the entire length of Montgomery County. There are four locks operating in full working order within the County. Current New York plans to rejuvenate the Erie Barge Canal System makes the NYS Barge Canal an even greater asset.

Utilities

Electric Power

Niagara Mohawk Power Corporation (NMPC) is an investor owned utility with the Systems Headquarters based in Syracuse, New York. Through NMPC's area and district offices, the corporation has an intimate knowledge of the 669 cities, towns and villages in the service area. Support for Montgomery County is provided by Niagara Mohawk's District Office located in Gloversville, New York and the area office based in Albany, New York. NMPC supplies electric and gas services throughout most of Upstate New York. The corporation has been an active member of the economic development community for over thirty-five years.

Natural Gas

Natural gas is supplied to the Montgomery County area by the Niagara Mohawk Power Corporation, whose Regional Offices are located in Albany, New York. Areas offices are located in Gloversville, New York.

Natural gas with 1,000 BTU's per cubic foot, is provided at varying pressures to residential, commercial and industrial customers in Montgomery County.

Natural gas with 1,000 BTU's per cubic foot, is provided at varying pressures to residential, commercial and industrial customers in Montgomery County.

Water Supply

Ample water for Montgomery County's urbanized areas is obtained from self contained, enclosed reservoirs located adjacent to the Mohawk River and Adirondack Watershed. Water from these sources is distributed by the various municipalities through a number of water district extensions with each municipality maintaining their own water supply system.

Waste Water Treatment

Public waste water treatment service is available in all urban and most suburban areas. All systems currently operate with excess capacity and may accommodate new demand without upgrade.

Work Force

Montgomery County has a long and proud tradition of enjoying a trained and flexible work force for its manufacturing industries. The composition of the Montgomery County labor force has experienced some major adjustments over the last ten years. During those ten years, large growth occurred in the service, retail/wholesale trade and construction sectors while employment reductions were observed in the manufacturing and agricultural services sectors. This is a direct result of the loss in manufacturing jobs and the trend toward a service based economy. However, the number of manufacturing jobs lost locally, based on percentage, is far less than the number experienced at the national level. Of the 18,700 people working within the County, more than one-third work in manufacturing, construction, transportation and public utilities. Another 4,000 work in the retail sector. The services sector, led by health services, employs another 4,400 persons.

Compared to surrounding counties, and to the New York State average, wage rates in Montgomery County are very favorable. The New York State average weekly wage is $630.31, while the average weekly wage in Montgomery County is $370.00. Employers in Montgomery County are happy with its dedicated, low-cost and stable work force.

The Montgomery County work force rates extremely well against the generally accepted standards: stability, productivity, cost and loyalty. Department of Labor statistics show that the Montgomery County turnover rate consistently remains substantially lower than state and national averages.

Some of the country's finest two- and four-year colleges, such as Skidmore College, Union College, Rensselaer Polytechnic Institute and the State University at Albany, plus graduate programs and vocational schools promise area business a continued pool of qualified, eager employees.