Niagara Economic Fund Awards Loan to Lockport Firm in Support of 64 Jobs

For Immediate Release: 10/06/16

Contact: 

Paul DeMichele | Paul.DeMichele@nypa.gov | (914) 681-8186

WHITE PLAINS--The Niagara Economic Development Fund board has approved a $250,000 loan to National Recovery Solutions that will support 40 existing jobs and allow for the company to create 24 additional jobs over the next few years.

The debt collection agency, located in Lockport, will utilize the loan for working capital as part of a nearly $1.1 million expansion project.

The NEDF fund is administered by the Niagara County Development Corporation. Representatives from the New York Power Authority, Empire State Development and the City of Niagara Falls also serve on the NEDF board.

The $5 million fund was established by NYPA in 1990 to improve Niagara County’s economic climate and to help rebuild its industrial and commercial infrastructure. The low-cost loans are provided to businesses for the establishment, maintenance or expansion of plants, facilities or operations in Niagara County.

Nearly $4 million is still available to be loaned to eligible businesses, which can contact the Niagara County IDA to apply: http://www.niagaracountybusiness.com/loans.asp.

About NYPA
NYPA is the nation's largest state public power organization, through the operation of its 16 generating facilities and more than 1,400 circuit-miles of transmission lines. NYPA uses no tax money or state credit. It finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. More than 70 percent of the electricity NYPA produces is clean renewable hydropower. Follow @NYPAenergy on Twitter, Facebook, Instagram, WordPress, YouTube, and LinkedIn.