The SZCC, is a privately owned fund whose capital will be used to promote the expansion and growth of new and existing businesses within New York’s Empire Zones. SZCC will complement conventional bank financing by partnering with banks to provide credit to businesses. Loans/equity investments range from $30,000 to $300,000 (exceptions to $500,000) and SZCC financing may represent only 50% of the total financing requested. A minimum down payment of 10% is required of the zone certified business. Interest rates are currently 5% for the first three years of a loan, and 7% for the remaining term, which range from 3 to 15 years. Collateral will be sought to secure all SZCC financing. Funding allocation will be based on the generation and retention of jobs and funding will be limited to $200,000 per business.