2003-01-11 / Community

Smith Announces Loans For Empire Zone Businesses

Smith Announces Loans For Empire Zone Businesses

Senator Malcolm A. Smith has announced the availability of $541,667 in low-interest, long-term loans for eligible businesses located in the Far Rockaway Empire Zone. The funding is being offered through the Statewide Empire Zone Capital Corporation, a subsidiary of the New York Business Development Corporation (NYBDC).

"New York’s Empire Zone Program was established to fuel the growth of new businesses and new jobs in economically distressed regions of the State," said Senator Smith. "I am very pleased that companies in the Far Rockaway Empire Zone will have an added opportunity to obtain the financial support they need to grow and bring more jobs to our community."

Senator Smith said through its Statewide Empire Zone Capital Corporation, NYBDC has raised more than $30 million in private funding from banks and insurance companies to provide loans to small certified businesses located in the 72 Empire Zones statewide. Senator Smith has been asked by NYBDC President and CEO Robert Lazar to assist in identifying businesses in the Far Rockaway Zone that may qualify for funding.

"With more than a half million dollars available exclusively to businesses located in the Far Rockaway Empire Zone, we can further support the ongoing economic revitalization efforts throughout Queens and make the region stronger and more competitive," said senator Smith.

Senator Smith said the availability of low-interest, long-term loans is also an effective means of recruiting new businesses to the Far Rockaway Empire Zone. "In addition to the lucrative tax, wage and energy credits already available to employers through the Empire Zone Program, these loans can help fortify the financial needs of existing firms and provide an incentive for new companies to locate here," said Senator Smith.

Senator Smith said interested firms should contact his office at 718-291-9097 for more information about Statewide Empire Zone Capital Corporation loans available to businesses in the Rockaway Empire Zone. Additional assistance may also be available to businesses by contacting Chester Sadowski, Senior Loan Officer for NYBDC, at 212-803-3674.

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