Loan Program

The Ithaca Urban Renewal Agency (IURA) helps strengthen the local Ithaca economy and reinvigorate the economic, social, and physical landscape of low- to-moderate income Ithaca neighborhoods.  It operates the following two loan programs:

Community Development Revolving Loan Fund (CD-RLF)
Objective:  Fill gap financing need for small businesses that create job opportunities.
Eligible Borrowers:  For-profit and non-profit entities.
Eligible Uses:  Any justifiable business purpose, including leasehold improvement and Primary Working Capital.  Some limits on eligibility of certain bars, restaurants, and clubs.
Target Area:  Citywide.
Maximum Loan:  • Retail: $100,000 • Non-Retail: $150,000.
Interest Rate:  3-4% (reduced by 100 basis points after job creation).
Application Fee:  $50.00.
Application Form (fillable PDF)

Priority Business Loan Fund (PB-LF)
Objective:  Induce establishment/expansion of targeted businesses.
Eligible Borrowers:  For-profit and non-profit entities.
Eligible Uses:  Targeted businesses include pharmacy, grocery, apparel, shoe store, medical practitioner, brewpub, live entertainment venue, tourism attraction, underrepresented restaurant, minority-owned business, and childcare.
Target Area:  “Density District” (includes Downtown, W. State St., West End, Inlet Island).
Maximum Loan:  $250,000.
Interest Rate:  1-4% (depending on community benefit and risk).
Application Fee:  $50.00.
Application Form (fillable PDF)

For further information, please contact:
Nels Bohn, Director of Community Development | (607) 274-6547


Past IURA Loan Recipients