The grants obtained through the Governor's Office, most recently named NYS Department of Homes and Community Renewal, are funded with money from what is called the Community Development Block Grant program (CDBG). The County or Town applies for the grant and if awarded, receives the funds on behalf of the business. The WCIDA manages the application process, distribution of the funds through the Wyoming County Business Assistance Corporation (WCBAC), completes mandated reports on the project and ensures the project is completed as proposed, including the creation of jobs.
Once these funds are awarded, the WCBAC distributes the dollars in a one third grant to two thirds loan combination to the business. The loan portion of the proceeds is amortized over 10 years with a one - time interest payment of 3% of the loan amount pre-paid at the time of closing. The repaid dollars are put back into the loan program and the WCBAC is able to assist other Wyoming County businesses with needed funding for projects.
With the help of the WCIDA similar grants have been obtained for other manufacturers and Agri-businesses across the county. Since 2005 the WCIDA has facilitated 10 CDBGs with a total awarded to Wyoming County businesses of $2,056,809. The WCBAC currently maintains seven CDBG open projects in its portfolio showing a balance of $612,104 and has collected repaid funds in the amount of $695,768.