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Barry Greenspan NY State Economic Dev

October 14, 2005 @ 12:00 am EDT

Members and friends

Barry Greenspan gave us a very straight forward talk about the programs that are available through NY State Department Economic Development, also know as Empire State Development, the agency he represents.

Barry outlined the type of qualifying businesses that would benefit from a relationship with his office.

The agency does not help retail businesses fro example. On the other hand a manufacturer or a distributor would qualify for help. He made it clear that a business that was starting up, even if they qualify in every respect may not get help if they are far along in their plans, therefore he advises get involved with NYSED early in your planning.

The mandate for the agency is to attract jobs, or at least, prevent jobs from leaving.

My obvious question was about being blackmailed by an employer. If an employer threatened to leave could he get some the benefits of the agency based on a threat to leave? Barry reassured us there had to be a credible threat including established contacts with out of area development offices.

What kind of help? Loan participation. The agency has a direct loan program that is advanced at good rates and will support 40% of the loan. The rest of the money must be obtained through the normal banking channels.

Those companies that create high paid jobs are given preference over employers that create low paid jobs.

There is also an obligation on the part of the employers to maintain those jobs over a specified time span. Those who fail to meet the promised job commitment, or those that create jobs that rapidly disappear will be asked to return some of the help they received by a formula that the recipient accepts from the beginning.

 

The overriding message that I got was, get involved with ESD early. You may have a business that does not qualify, but there is a good chance that you will. In any event there is a revolving loan program that is available to some businesses that may not otherwise qualify for the core benefits of the agency.

 

Next week we will have Frank Russo representing “Long Islanders for Education Reform.”

This is an important topic because it affects our taxes. Meanwhile, have nice weekend.

Ernie Fazio

Details

Date:
October 14, 2005
Time:
12:00 am EDT