GLOVERSVILLE - The Fulton County Economic Development Corp. this year wants to loan at least $643,000, the same amount it loaned to local companies in 2009, its administrative leader said last week.
EDC Executive Vice President and Chief Executive Officer Michael Reese discussed loans in a report to the EDC's Board of Directors at the Crossroads Business Park.
"Six hundred thousand dollars in loans in one year is a real accomplishment," board President Laurence Kelly said.
Reese said he would like to see the EDC lend "close to that" amount in 2010. He said the corporation retired four loans to companies totaling $213,000 last year, including loans to Perrone Leather, Arrow Leather Finishing and New Process Cleaners.
He said the EDC has $1.25 million available to loan, and the agency has $4.9 million in fund balance.
The EDC summarizes its revolving loan pool program on its Web site, www.sites4u.org.
"Job creation is a major goal of the pool," the site says. "The loan-to-job ratio is up to a maximum of $15,000 per job created and/or retained."
The EDC will finance up to 25 percent of a company's costs for a specific project, so borrowers must have other capital or financing. A borrower must invest at least 10 percent of the project costs as equity, the Web site says.
"Interest rates are determined solely by the EDC based upon the strength of the project, current market conditions and strength of the collateral offered," the site says.
In the treasurer's report, Reese said his agency is closing its books for 2009.
"We've got a 2010 budget prepared," he said.
In other business, Kelly noted the agency has added two new board members - Mark Yost and Ronald Olinsky.
Reese said the agency also is seeking five members to serve on its new Audit & Finance Committee.
The board approved a slate of officers for 2010 that includes: Kelly as president, Shelley Yerdon as vice president, Reese as secretary and James Del Savio as treasurer.
In affiliate reports, Fulton County Regional Chamber of Commerce & Industry President Wally Hart said its Images of Fulton County magazine has become a "great tool" for business recruitment.
"We're very proud of the magazine and its content," Hart said.
Hart also reported on Hamilton-Fulton-Montgomery Business Education Alliance activities, which will include a Feb. 23 tour of Tech Valley High School in Troy.
Kelly, president and CEO of Nathan Littauer Hospital, reported a project to roughly double the size of the hospital's emergency room is half done. He said the emergency room's patient capacity will increase from 13 to 21.
"We're excited about that," Kelly said.
EDC Administrative Assistant Becky McCloskey said the EDC-Crossroads Incubator Corp. annual dinner will be April 17 at the Johnstown Holiday Inn.
Michael Anich covers Johnstown and Fulton County. He can be reached at email@example.com.