What Finger Lakes Economic Development Center does

Finger Lakes Economic Development Center (FLEDC) is a private, non-profit economic development agency and the sole Industrial Development Agency (IDA) serving Yates County, New York. Operating since 1975 and headquartered at One Keuka Business Park in Penn Yan, the organization functions as a public-purpose development entity — not a traditional revenue-generating business — that administers tax-exempt bonding, property/sales/mortgage tax abatements (Straight Lease Back / PILOT), and below-market revolving loan funds for businesses locating or expanding in the county.

FLEDC's core product suite spans four pillars: (1) below-market financing through the Revolving Loan Fund, Entrepreneurial Fund, Agriculture Loan Fund (New York State's first, capitalized at ~$2M), and Restaurant Loan Fund (up to $100K at 1% interest); (2) tax incentives including 68% average property tax abatement over 14 years and tax-exempt bonds at 2-3% below commercial rates; (3) workforce development via the SkillUP Yates platform (5,000+ free courses), Advanced Manufacturing Pathway Project (up to $8,500 per participant), and Career Readiness Credentials; and (4) business park operations across three sites. Two affiliated 501(c)-style entities — FLHEDC (2010) and YCCRC (2010) — extend its lending capacity. The organization does not sell technology products; its "platform" is a coordinated mix of capital, tax authority, and workforce programs.

Revenue mechanics are unconventional for a private investment target: FLEDC generates interest income on revolving loan portfolios, administrative/PILOT fees on bond issuance, and modest revenue from the Leadership Yates County program ($1,100/participant). Its operating budget is not publicly disclosed. The customer base is highly distributed across entrepreneurs, manufacturers, agribusinesses, wineries, and tourism operators — with a stated total of 150+ startups, 400+ expansions, and 2,000+ jobs facilitated to date. The organization has 4 named staff members (CEO Steve Griffin, CFO Doreen Jensen, Director Mike Lipari, Facilities Joe Sorensen) and is governed by a Board of Trustees chaired by a Lyons National Bank SVP.

Name

Finger Lakes Economic Development Center

Legal name

Finger Lakes Economic Development Center of Yates County

Website

https://fingerlakesedc.com

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

1–10 employees

Short description

FLEDC is the sole non-profit Industrial Development Agency for Yates County, NY, administering tax-exempt bonding, below-market loan funds, PILOT tax abatements, workforce training, and three business parks to attract and grow local businesses.

Ownership category

akta.pro rank

Product category

Economic Development Services

akta.pro primary industry

Economic Development & Business Licensing (Local) (BPAIACAN)

Keywords

• Economic development services
• Business financing programs
• Tax incentive administration
• Workforce development services
• Community development

Headquarters

HQ city

Penn Yan

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Revolving Loan Fund Interest: The FLEDC operates multiple revolving loan funds (RLF, Entrepreneurial Fund, Agriculture Loan Fund) that provide below-market interest rate loans to qualifying businesses. Interest rates are set at 80% of prime (currently 5.0%) for general loans and 50% of prime for agricultural loans. These loans generate interest income while supporting economic development goals.
2. Tax-Exempt Bonding Services: As the Yates County Industrial Development Agency (IDA), FLEDC issues tax-exempt and taxable bonds for capital investment projects. While bonds are issued on a non-recourse basis without credit enhancement, the agency facilitates financing that provides value to businesses through lower interest rates and predictable tax phase-ins.
3. Straight Lease Back (SLB) Tax Incentives: The SLB program provides real property tax abatements and sales tax exemptions related to capital investment projects including construction, land purchase, machinery, and equipment. The PILOT agreements generate administrative fees while providing 68% average property tax abatement over 14 years for business capital investments.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

FLEDC is the sole economic development agency for Yates County, New York, providing businesses with below-market financing through revolving loan funds, tax incentive administration via Straight Lease Back (PILOT) programs and tax-exempt bonding, business park and site selection services, workforce development programs, and small business launch assistance including mentorship and planning resources.

Product overview

The Finger Lakes Economic Development Center (FLEDC) is the sole economic development agency dedicated to Yates County, operating as a platform of interconnected programs rather than a single product. The core portfolio consists of low-interest financing products (Revolving Loan Fund, Entrepreneurial Fund, Agriculture Loan Fund, Restaurant Loan Fund), tax incentive programs (Straight Lease Back), and workforce development initiatives (SkillUP Yates, Advanced Manufacturing Pathway, Career Readiness Credential). Supporting programs include Leadership Yates County professional development, grant programs (Downtown Revitalization Initiative, Excelsior Jobs, Tax Exempt Bonding), small business launch services (funding, business planning, mentorship, space), and business parks/site selection. Two subsidiary organizations—FLHEDC (not-for-profit development corporation) and YCCRC (Capital Resource Corporation)—provide additional financing and governance transparency for the region's economic growth.

Differentiator

Problem solved

Functional benefit

Products and services

• Revolving Loan Fund (RLF) Supplemental loan program providing below-market financing at 80% of prime interest rate (currently 5.0%) for manufacturers and businesses that meet program criteria, supporting capital investment projects that create or retain jobs in Yates County.
• Entrepreneurial Fund Supplemental loan program for new business ventures in operation less than 2 years, providing below-market financing at 80% of prime interest rate to help startups foster growth and create employment opportunities.
• Agriculture Loan Fund Low-interest loan program capitalized at approximately $1-2 million to support local farmers and agribusinesses, including organic and viticulture industries, with rates fixed at 50% of prime interest.
• Restaurant Loan Fund Bridge financing program offering up to $100,000 in 1% loan funds with flexible repayment plans to building owners willing to purchase and build-out commercial kitchens in vacant downtown Penn Yan buildings to attract restaurant tenants.
• Straight Lease Back (SLB) Tax Incentive Program Real property tax abatement and tax exemption vehicle providing 68% average property tax abatement over 14 years for manufacturing projects, 60% over 10 years for retail/tourism, plus sales tax and mortgage tax exemptions to catalyze business investment.
• SkillUP Yates Online Training Platform Free online workforce training platform offering over 5,000 courses for Yates County residents and employees to gain in-demand skills for career advancement.
• Advanced Manufacturing Pathway Project Grant-funded training program providing up to $8,500 for adult and youth participants to cover tuition and support service expenses for manufacturing-related degree programs at Finger Lakes, Genesee, and Monroe Community Colleges.
• Career Readiness Credential (CRC) Nationally recognized credential based on Work Keys assessments testing reading, applied math, and locating information skills, enabling job seekers to demonstrate workplace readiness to employers.
• Leadership Yates County Program Six-session professional development program for current and emerging leaders featuring DiSC Leadership assessments, personal leadership plans, and interactive sessions with community leaders; costs $1,100 per participant with scholarships available.
• Downtown Revitalization Initiative (DRI) Grant Program New York State program catalyzing downtown development through Restore NY grants ($2.5-500K), NY Main Street grants ($300K), and facade improvement programs (up to $30K per business) to support revitalization of Penn Yan.
• Village of Penn Yan Facade Improvement Program Program providing up to $10,000 in funding per storefront, with 50% as grant and 50% as 4% fixed loan over five years for businesses to improve building facades in Penn Yan.
• Excelsior Jobs Program New York State incentive program providing up to four tax credits to firms in targeted industries (biotechnology, high-tech, clean-technology, financial services, agriculture, manufacturing) that create and maintain new jobs.
• Tax Exempt Bonding Industrial Development Agency service issuing taxable and tax-exempt bonds for capital investment projects of at least $1 million, with interest rates 2-3% below commercial lenders and maturities ranging from 15-30 years.
• Small Business Launch Services Comprehensive startup support including initial low-interest funding (1-2.8% rates), business plan assistance through SCORE and SBDC partnerships, low-cost flexible space at Keuka Business Park, and ongoing mentor matching.
• You're Welcome Customer Service Training Customer service training program created by Yates County Workforce Development using 'Guest Services Gold' national curriculum to provide hospitality businesses with trained workers capable of enhancing customer experience.
• Discover Yates Youth Program Program connecting youth with hands-on workplace experiences to build the next generation of Yates County talent and career awareness.
• Business Parks & Site Selection Services Site location services offering shovel-ready land at Horizon Business Park, multi-tenant facilities at Keuka Business Park (25 tenants), and Penn Yan Industrial Park, with fast permitting and modern infrastructure support.

Quantifiable outcome

• 650,000 workers within 45-minute radius providing accessible workforce pipeline
• +4 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered core and minor.

• SCOREcoreImplementation/ SI/ Consulting PartnerSCORE provides business plan assistance and mentorship services in partnership with FLEDC to offer direction and support to individuals and businesses seeking to start or grow operations in Yates County.
• Small Business Development Center (SBDC)coreImplementation/ SI/ Consulting PartnerSBDC works with FLEDC to provide comprehensive business planning assistance and resources to entrepreneurs and small businesses in the region.
• Monroe Community CollegecoreStrategic or Co-development PartnerPartner in Advanced Manufacturing Pathway Project providing training opportunities in biotechnology, engineering science, electrical engineering technology, mechanical technology, optical systems technology, and precision machining programs.
• Finger Lakes Community CollegecoreStrategic or Co-development PartnerPartner in Advanced Manufacturing Pathway Project offering biotechnology, instrumentation & control technologies, and computerized drafting degree programs.
• Genesee Community CollegecoreStrategic or Co-development PartnerPartner in Advanced Manufacturing Pathway Project providing manufacturing-related educational programs.
• Finger Lakes WorkscoreStrategic or Co-development PartnerRegional workforce development partnership providing programs for job seekers and employers, including Work Keys assessments, Career Readiness Credentials, and the SkillUP Yates free online training platform.
• NYSEG (New York State Electric & Gas)minorStrategic or Co-development PartnerNYSEG provides economic development programs for businesses looking to grow and relocate, offering some of the lowest electric rates in the country (as low as $0.0172 per kWh in Penn Yan).
• Keuka CollegecoreStrategic or Co-development PartnerKeuka College is expanding its nursing program in partnership with Finger Lakes Health College of Nursing, bringing dual degree programs to the area and retaining local students for regional workforce needs.
• FastenalminorGTM or Marketing PartnerJarrod Orr, District Manager at Fastenal, created the Fastenal Future Leaders in Business Scholarship in partnership with SUNY Brockport, rewarding students who exude Fastenal's core values. Orr serves on FLEDC board.
• Yates County Workforce DevelopmentcoreStrategic or Co-development PartnerCoordinated efforts between FLEDC, Yates County Workforce Development Office, and Finger Lakes Works provide training, education, and job-readiness programs that strengthen the local talent pipeline.

Scale indicators18 records

Recent moves3 records

Expansion highlights5 records

Direct peers

• CenterState CEO: Central New York's leading business leadership and economic development organization serving the Syracuse/11-county region. Comparable as a regional economic development non-profit that bundles business attraction, financing programs, workforce development, and policy advocacy — operating at a larger scale but identical model to FLEDC.
• Buffalo Niagara Partnership: Regional chamber of commerce and economic development organization for the Buffalo Niagara region in Western NY. Comparable as a regional ED advocacy and business services organization, though larger and more chamber-focused than FLEDC's pure IDA model.
• Steuben County Industrial Development Agency: County-level IDA serving Steuben County in the Southern Tier/Finger Lakes region. Direct peer operating identical IDA functions — tax-exempt bonding, PILOT/SLB tax incentives, and revolving loan fund administration — for a neighboring rural NY county.
• Greater Rochester Enterprise: Public-private economic development organization for the Rochester/Finger Lakes region, of which Yates County is a part. Directly comparable mission — attracting and retaining business investment in the same geographic region where FLEDC operates, with overlapping target industries in advanced manufacturing and life sciences.
• Tompkins County Area Development (TCAD): Public-private economic development organization and IDA for Tompkins County (Ithaca), NY. Direct peer with the same role of administering tax incentives, supporting business retention/expansion, and partnering with local colleges (Cornell, Ithaca College) — mirroring FLEDC's community college partnerships.
• Rochester Downtown Development Corporation: Downtown-focused economic development organization for Rochester, NY. Comparable as a local ED entity focused on urban revitalization, façade improvement programs, and downtown business attraction — overlapping with FLEDC's Penn Yan downtown revitalization and DRI initiatives.
• Genesee County Economic Development Center (GCEDC): County-level economic development organization and IDA for Genesee County, NY. Operates the same combination of industrial revenue bond issuance, tax incentive programs, revolving loan funds, and business park management as FLEDC — a near-identical operating model in a neighboring Western NY county.

Broad incumbents

• Empire State Development (ESD): New York State's principal economic development agency, which administers many of the funding programs (Excelsior Jobs, DRI, Restore NY, START-UP NY) that FLEDC conduits to Yates County businesses. Operates as the state-level umbrella authority above county IDAs like FLEDC.

Regional players

• Wayne County Industrial Development Agency: County IDA serving Wayne County, NY — another Finger Lakes-adjacent county with similar rural economic development focus. Operates comparable IDA functions to FLEDC but in a distinct geography with different industry mix (more agriculture, less craft beverage).
• Sodus Economic Development Advisory Team: Local economic development committee serving the Sodus/Wayne County area of the Finger Lakes region. Operates a similar but smaller-scale community economic development mandate focused on small business support and revitalization in a different Finger Lakes county.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Instagraminstagram.com/fingerlakesedc
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• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Finger Lakes Economic Development Center