July 16, 2004: “Spotlight
on Our Economy” Monthly Column for The
Palladium-Times
By L. Michael Treadwell, CEcD, Executive Director of Operation
Oswego County
ESD: An Essential Economic
Development Partner in Oswego County
Many times, recognition of the
critical and necessary role that our economic development partners
play in creating or retaining business in Oswego County is overshadowed
by the positive headlines and general excitement that comes with
major projects such as the revitalization of the former Nestle facility
by New York Chocolate & Confections Company.
Empire State Development (ESD)
is New York State's economic development agency and longtime supporter
of economic development in Oswego County. ESD is comprised of highly
qualified professionals who provide assistance and service to businesses
in order to encourage economic investment and prosperity in New
York State. They work closely with businesses and with local economic
development organizations, like OOC, to identify creative solutions
to challenging problems, generate enhanced opportunities for growth,
and help them achieve their uniquely important, short and long-term
goals.
Some of the services that ESD
provides include:
- Economic Development Financing:
ESD assists in financing new and expanding industrial projects
such as manufacturing, warehousing and distribution and other
non-retail projects. Loans and, in some special cases, grants
are made available to projects that will create and retain jobs
in New York;
- Linked Deposit Program:
Created to encourage and assist businesses to make investments
and undertake projects working in conjunction with banks to reduce
the cost of capital through an interest rate subsidy. Eligible
businesses apply directly to a bank for a loan. The bank in turn,
having first provided its commitment to providing a loan, applies
to the state for an interest rate subsidy of two to three percent
to be used to offset the finance rate for a two year period;
- Helps small businesses resolve red-tape
difficulties in dealings with all levels of government. Through
a business hotline, (1-800-STATE NY), the program also directs
companies to appropriate economic development assistance sources;
- Entrepreneurial Assistance:
Encourages the start of new businesses by minorities, women, dislocated
workers, public assistance recipients, public housing residents
and young people. The program promotes entrepreneurship at centers
throughout the state that provide classroom training, counseling,
technical assistance and mentoring;
- Skills Training Assistance:
Supports the creation and preservation of jobs by helping manufacturing
and non-retail service companies improve quality, increase productivity
and reduce costs through workforce skills training;
- Empire Zone Program:
ESD provides the statewide administration of the EZ program. Two
EZs are located in Oswego County--the Fulton and Oswego EZs; and
- Marketing: OOC
works in partnership with ESD to market the county to industry
and business. Specifically, OOC participates in ESD’s NYSiteFinder
internet marketing program through which many prospect leads are
developed as a direct result.
In 2003 alone, ESD provided
assistance to several major development projects including New York
Chocolate & Confections Company, Empire Fresh-Cuts, Spear USA,
and Felix Schoeller Technical Papers. Their funding assistance to
these projects was invaluable.
For more information about ESD,
visit www.nylovesbiz.com.
Recent economic development
highlights in Oswego County include:
- The Canal Commons revitalization
project in downtown Oswego involves the acquisition and renovation
of 30,000 square feet for approximately 10 shops. Forty-five jobs
will be created. Funding for the project will be provided by the
County of Oswego IDA, City of Oswego Community Development Office
and First Niagara Bank;
- Village Pizzeria in the
town of Hannibal will specialize in fresh homemade pizza dough
and will feature wings, subs, salads, calzones and Stromboli.
The owner is a graduate of the Micro-Enterprise Training Program
and received a Micro Enterprise loan through the IDA. The project
will create five jobs; and
- Tierra Lanes Bowling Center
in the town of Mexico will receive an IDA loan to assist with
kitchen remodeling and renovations.
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