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Canandaigua aims to help businesses grow

The city is looking to revive a revolving loan program in an effort to spur development and help existing businesses renovate buildings or expand.

Although the program is still being discussed, for starters each loan would be for a maximum of $50,000 with a 0 percent interest rate for five years.

A loan committee would be created to review and determine if the loan will create the desired economic development activity in the city, according to City Manager John Goodwin.

Requirements would include job creation, the project’s readiness, adherence to the city’s comprehensive plan and a property owner’s equity contribution.

The idea was discussed during a recent City Council finance/budget committee meeting. Details such as interest rates and terms also are being discussed at the Economic Development Advisory Council level. That council, an arm of the city’s economic development program, is expected to see the proposal Tuesday.

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