The U.S. Small Business Administration recently presented a $ 250,000 “microloan” to the Regional Economic Development and Energy Corp. (REDEC) that the agency will in turn use to help area small businesses.
The loan brings the total amount of microloans made by the SBA to REDEC to $ 1.7 million since 2007.
SBA Regional Director Bernard Paprocki delivered a ceremonial check to REDEC officials this week at Cugini’s Italian Market and Café, 6 W. Market St. in Corning. Cugini’s was a recent recipient of a REDEC/SBA loan.
Other Steuben County loan recipients include Heels and Hobos, Little Boomer’s Burrito Bar, Fringe Hairdressers and The Source in Corning’s Gaffer District, as well as Keuka Lake Vineyards in Hammondsport and Restaurant 209 in Bath.
Chemung County loans include The Tropical Fish Outlet in Elmira, Independence Sealcoating in Horseheads, and Papa John’s in Elmira Heights. Schuyler County loans include the Village Bakery in Montour Falls and Sustainable Viticulture Systems in Hector.
“Access to capital is the most critical need of small businesses in the Southern Tier and across the country,” REDEC President George Miner said in a news release. “REDEC works in conjunction with commercial lenders to fill financing gaps at rates and terms that are business-friendly. There is nothing small about the impact small businesses have on our economy. Over 60 percent of working Americans work in a small business. Small businesses are a primary source of sales tax generation. Women and minority-owned businesses are the fastest-growing market in the national economy.”
REDEC, established in 1993, has loaned more than $ 7 million to businesses in the region, helping to create more than 2,500 jobs in Chemung, Steuben and Schuyler counties, according to the release.
REDEC works with the Corning Community College Small Business Development Center to provide guidance and technical assistance to entrepreneurs seeking to start a business, and existing small-business owners looking to grow.
For more information, call 607-962-3021 or go to REDEC.us.
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