GREATER JAMAICA LOCAL DEVELOPMENT COMPANY

VISION STATEMENT
Greater Jamaica Local Development Company, Inc. (LDC), working in conjunction with its parent company the Greater Jamaica Development Corporation (GJDC) will provide financial and related technical assistance to qualifying small businesses and/or entrepreneurs in the LDC's Target Market. The objective of the financing will be to achieve targeted economic community development objectives within the LDC Target Market, including increasing employment, creating new jobs and retaining existing jobs, leveraging private investment, promoting community revitalization and/or stabilization, and promoting new business opportunities. Special emphasis will be given to meeting the needs of women and minority-owned businesses.

MISSION STATEMENT
Within our Target Market, the Greater Jamaica Local Development Company, Inc. will be the principal provider of small business loans for a significant percentage of qualified commercial prospects and customers, as defined herein. Though we may frequently be the only institution, or the dominant lending institution, we welcome the opportunity to participant with other lending institutions, in financing projects that are beyond LDC's financial limitation. We will measure our success by the dollar amount of loans disbursed, the dollar amount of private investment leveraged, and the number of jobs created or retained, and other performance objectives.

TARGET MARKET AND TARGET APPLICANT
The LDC's defined target market is geographical delineated by the boundaries established by the 114** postal zip code of Southeast Queens, New York. LDC's defined target applicant is an existing, new, or start-up company operating within or planning to operate within LDC's Target Market that has historically been unable to obtain financing from traditional sources, at the level they require. The Target Applicant should be independently owned and operated, and generally qualified as a small business pursuant to the SBA size standards based upon dollar volume and number of employees. Our typical Target Applicant will have sales of less than $10 million and a financing requirement in the dollar range of $10,000 to $300,000. Special consideration will be given to meeting the needs of women and minority-owned businesses; as well as businesses located within the Economic Development Zone.

The LDC defines an existing company as a company that has been operating for more than three years. The LDC defines a new company as a company that has been operating for more than one year, but less than three years. The LDC defines a start-up company as a company that has been operating for less than twelve months.

 

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