Belmont/Nonprofits
The Allegany County Industrial Development Agency announced the formation of the Allegany County Local Development Corporation, a new nonprofit headquartered at the Crossroads Commerce & Conference Center in Belmont. The ACLDC will offer low-interest gap financing, generally between $30,000 and $100,000, to complement traditional bank loans for local businesses looking to expand or retain jobs. ACIDA Executive Director Craig Clark and Board Chairman Judith Hopkins framed the corporation as a step toward strengthening the county's business-financing toolkit. The nonprofit operates under New York's Not-for-Profit Corporation Law and is intended to fill financing gaps that conventional lenders often won't cover.