EDC close to reaching goal for 2009 loans
Agency ‘thrilled’ with applicationsBy MICHAEL ANICH/The Leader-Herald
Article Photos
JOHNSTOWN - The Fulton County Economic Development Corp. could reach its goal of loaning at least $500,000 to local companies this year by April 30, Chief Operating Officer Michael Reese said last week.
Reese told the EDC Board of Directors on Tuesday the EDC still has about $1.26 million to lend to companies. The EDC made it an agency goal to loan at least $500,000 in 2009.
The corporation has $3.6 million out in loans, and its Loan Committee recently received another application, Reese said. At this point, he said, the EDC is considering three applications for new loans.
"I'm very thrilled with that," Reese said.
By April 30, he said, the EDC hopes to meet its 2009 goal of lending $500,000. The agency provides loans to support the startup or expansion of businesses in the county, with an emphasis on creating and retaining local jobs.
"We have the ability to leverage and parlay those dollars we have," EDC Executive Vice President Jeff Bray told the board.
He credited Reese for "quarterbacking" loan activity for the EDC since he came to the agency last fall. Reese previously headed the Mohawk Valley Economic Development District for many years. Bray said Reese has experience, and the U.S. Small Business Administration's programs are becoming more "attractive to business."
Reese said the EDC wants more "smaller, local" companies to borrow funds from the corporation.
"We're just continually trying to get the word out," he said.
In an affiliate report given to the board, Hamilton-Fulton-Montgomery Board of Cooperative Educational Services Superintendent Geoffrey H. Davis outlined the status of a new campaign. He said the Hamilton-Fulton-Montgomery Business and Education Alliance's new public relations campaign is "just about to come out."
"It's really focused on the benefits of staying here," Davis said.
Last December, area education officials said the alliance program gives students the chance to get internships and a chance to work with local businesses. The alliance also allows businesses to let educators know what they are looking for in an employee. Students who enter the program can experience and learn first hand what skills they need in their career fields, and some could even walk away with jobs at the end.
The new campaign will be publicized via billboards and through brochures and posters that will be distributed in schools.
Davis also reported area school districts are under financial stress, and "there could be a significant number of young teachers out of work this summer."
In another report to the EDC board, Broadalbin Supervisor Lee Hollenbeck said the New York State Association of Counties - a lobbying group for counties - is aware of how important economic development is to both Fulton County and the state. He said some of his fellow county supervisors don't realize the efforts of the EDC to pick up the economy.
"We don't seem to be quite as bad in this county," Hollenbeck said.
Michael Anich covers Johnstown and Fulton County news. He can be reached at johnstown@leaderherald.com
|
RageoftheDay
|
|
|---|---|
|
03-31-09 8:21 AM
|
Hoopoe, what on earth are you talking about?
|
|
Hoopoe
|
|
|
03-30-09 8:47 PM
|
EDC keeps taking care of their buddies. Discobulous has got it right on. If you drag a $100 bill threw a trailer park, you will get some takers according to James Carville.
|
|
RageoftheDay
|
|
|
03-30-09 1:46 PM
|
Dis, you're in over your head. This is a good thing. With banks tightening credit, it's a darn good thing FC has an Economic Development Corp that HAS money to lend. This is what they are here for, it's their purpose, to help spread risk with commercial lenders. BTW - the funding likely started from Federal grants a long time ago but, through the efforts of the EDC, the RLF has grown by lending money and assiting good, small, local businesses that may have needed just a little extra help to get going.
|
|
Discobulous
|
|
|
03-30-09 11:41 AM
|
Duh! If you tell people there's $500,000 up for grabs, certainly somebody will apply for it, even if only to build a better widget. Oh, BTW, whose pockets did this $ start out from?
|