In New York State, The Mohawk Valley Economic Development District, Inc. (MVEDD) is one of nine economic development districts (EDDs) and one of seventeenrevolving loan fund grantees of the United States Department of Commerce Economic Development Administration (EDA), serving the counties of Fulton, Herkimer, Montgomery, Oneida, Otsego and Schoharie.
Established in 1966, MVEDD is a private, not-for-profit corporation formed to fulfill the EDA mission in our region, which is “…to create and retain jobs and to help stimulate industrial and commercial growth in distressed rural and urban communities across the nation.”
We accomplish this by serving as a subordinate lender to small businesses in "The District," supporting the EDA funding applications of our region's municialities seeking infrastructure improvement grants, and serving as a source of regional action on projects that minimize the tax burden and maximize collaboration. On behalf of our MVEDD membership, we invite you to become a member of our non-profit, public benefit corporation.
We have a new bank. A land bank, that is. It's the Greater Mohawk Valley Land Bank, and its mission is to strengthen communities across the Mohawk Valley Region by returning neglected and abandoned buildings to productive use.
The October 2016 approval of its charter by New York State Empire State Development is the culmination of a nearly three year effort of Keep Mohawk Valley Beautiful (KMVB), a committee of The Mohawk Valley Economic Development District.
A fully-independent not-for-profit corporation, The GMV Land Bank is truly regional, operating with an agreement between the governments of Herkimer, Montgomery, Otsego, and Schoharie counties and the cities of Rome and Utica.
Check out the GMV Land Bank's webpage at www.GMVLB.org
MVEDD administers The Mohawk Valley Rehabilitation Corporation (MORECO), an EDA Title IX (Federal) Revolving Loan Trust Fund. MORECO itself administers a Regional Revolving Loan Trust Fund from the New York State Urban Development Corporation (NYS UDC). Both funds allow MVEDD/MORECO to serve as a subordinate lender, providing up to 30% of a project's costs; 10% will be required from the borrower. We will not participate in a project where financing can be obtained through conventional means.
- EDA funds can be applied to building purchase/renovation, land, machinery & equipment, fixed assets and working capital.
- UDC funds are for working capital.
- Neither program can be applied to refinancing of existing debt.
- Both programs require the one job must be created or retained for every $10,000 of MORECO financing.
For more information, visit the MORECO webpage.