Allegany County IDA announces new development corp

The Allegany County Local Development Corporation to Expand Financing for business expansion and retention

From the Allegany County IDA,

BELMONT, N.Y. (January 1, 2026) – The Allegany County Industrial Development Agency (ACIDA) is proud to announce the official Allegany County formation of the Allegany County Local Development Corporation (ACLDC). Established to bolster the region’s economic landscape, the ACLDC will offer low-interest loans to support expansion and retention of Allegany County local businesses.

The creation of the ACLDC is a complement to the hard work of Executive Director Craig Clark and the Board of Directors. Over the past eight years, their strategic management has ensured the ACIDA is profitable enough to have the ability to provide the administrative support and capital necessary to launch the LDC. This effort has put the LDC in a position to serve as a strategic financial partner, designed to provide a critical “piece of the puzzle” within a project’s total capital stack. Rather than serving as a primary lender, the LDC will focus on filling financing gaps to ensure viable county capital projects reach the finish line.

“The ability to support and work with the Allegany County formed ACLDC represents a significant step forward in our commitment to fostering a thriving business environment in Allegany County,” said Judith Hopkins, Board Chairman, on behalf of the ACIDA Board. “By offering flexible, low-interest financing, the ACLDC is providing the necessary tools for our local entrepreneurs and established businesses to grow, create jobs, and invest in our community’s future.”

Loan Program Highlights:

• Targeted Assistance: While maintaining flexibility, the ACLDC generally expects to provide loans between $30,000 and $100,000. The purpose of the loans is to assist Allegany County companies in funding capital investment for growth while retaining employees and expanding their workforce.
• Strategic Gap Financing: The ACLDC is positioned to work alongside traditional lenders, acting as a secondary source of capital rather than the prime lender.
• Low-Interest Rates: Funding is provided at competitive rates to lower the barrier for local expansion and development.
• Compliance & Oversight: The ACLDC operates in strict accordance with the New York State Not-for-Profit Corporation Law and the Public Authorities Accountability Act (PAAA).

The ACLDC is headquartered at the Crossroads Commerce & Conference Center in Belmont. For more information about the Allegany County Local Development Corporation or to discuss potential project financing, please contact Melissa Pingitore at melissa.pingitore@acida.org, call the ACIDA office at (585) 268-7445, or visit 6087 State Route 19 N – Suite 100, Belmont, New York 14813.