More Businesses Now Eligible for Job Funds In St. Lawrence County
Contact Connie Cullen 914-390-8196 connie.cullen@nypa.gov
April 13, 2001
FOR IMMEDIATE RELEASE
MASSENA—The Loan Fund Board for the Greater Massena Economic Development Fund Thursday approved new eligibility criteria making a wider variety of businesses eligible for loans to create and retain jobs. The new criteria include manufacturing, assembly, industrial, research and development, high technology, agriculture and non-retail service businesses, while previously only manufacturing and assembly businesses were eligible.
This action comes after the Loan Fund Board recently approved, on Feb. 16, the transfer of administrative control for the fund to the St. Lawrence Industrial Development Agency (IDA) from the Job Development Authority (JDA). The Loan Fund Board, which oversees the fund, is composed of five members representing the New York Power Authority (NYPA), JDA, Empire State Development (ESD), St. Lawrence County and the Town of Massena.
"Governor George E. Pataki’s efforts to revive New York’s economy take a big step forward today with the increased opportunities for creating and retaining jobs made possible by the new direction for this fund," said Joseph J. Seymour, chairman and chief executive officer of the New York Power Authority. "Today is a great day for the businesses of St. Lawrence County as the improvements brought by greater local control and greater eligibility begin to tap the full potential of the Greater Massena Economic Development Fund."
"Today's action makes the loan fund available to businesses in more economic sectors, a common-sense approach that also reflects the diversity of the St. Lawrence County economy. This eligibility expansion is another business-friendly action from the Pataki Administration that will help create new jobs," said Charles A. Gargano, chairman of Empire State Development.
"We are pleased at the Loan Fund Board’s recent actions and we look forward to receiving applications from all over Massena and St. Lawrence County to bring jobs for our families and growth for our businesses," said Jack R. Sauve, supervisor, Town of Massena. Sauve also stated that he has asked the Board to consider recreational projects as eligible for loan funds. The Board directed its staff to look at criteria used by other loan funds for recreational projects and report back to them.
"We commend the Loan Fund Board for their actions to make more businesses eligible for the $2 million fund so it can enhance Governor George E. Pataki’s commitment to attract and retain real jobs for Northern New Yorkers," said Senator Raymond A. Meier (R-Western).
"Governor Pataki has worked tirelessly to reinvigorate the North Country economic climate and today’s developments show the responsiveness needed to keep and attract vital and growing businesses to St. Lawrence County," said Assemblyman Chris Ortloff (R-Plattsburgh).
"We are pleased with the confidence that the Loan Fund Board has shown in our energy and efforts to reach out to local businesses," said Edmund J. Russell, Jr., administrative director of the St. Lawrence Industrial Development Agency. "With these new criteria we will work to maximize fund resources for creating good-paying jobs in our communities."
NYPA provided initial funding, with $1 million in May 1987, to establish the fund. The revolving fund makes low-interest loans available to new or expanding businesses in St. Lawrence County that create jobs and retain existing jobs.
The fund's original $1 million has grown to more than $2 million through interest payments.
