Businesses Now Eligible for Job Funds In St. Lawrence County
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
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
"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
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.