Friday, August 17, 2007
David Winters, Watertown Daily Times, N.Y. OGDENSBURG -- The St. Lawrence County Chamber of Commerce will have an additional $100,000 to provide low-interest loans to small businesses that want to expand or open in the county.
The Ogdensburg City Council approved Monday the funding transfer from the Ogdensburg Growth Fund Development Corp. to the chamber. The U.S. Department of Agriculture awarded a $200,000 grant in June 2003 to the city's Growth Fund Development Corp. The funding was from the Rural Business Enterprise Grant.
Martin D. Murphy, city director of planning and development, said $100,000 of the grant was given to small business in the city as loans. But in recent months, it has been difficult to attract small businesses looking to open or expand in the city because they don't meet USDA eligibility criteria.
Canadian companies looking to establish a business in the county aren't eligible to receive loans using the grant money, Mr. Murphy said.
The USDA requested the city allocate the $100,000 to the county chamber because a significant need existed there, Mr. Murphy said. The grant money had to be spent within five years, or by early 2008, with the unspent funds returned to the U.S. Department of the Treasury.
Ellen M. Nesbitt, the county chamber's interim executive director, said Tuesday a waiting list has been created for small businesses looking for loans. The chamber's loan and finance committee will review loan applications seeking a portion of the $100,000.
The money still will be available to the Growth Fund, should a business seeking a loan meet USDA criteria, Mr. Murphy said.
Source: Watertown Daily Times, N.Y. Distributed by McClatchy-Tribune Information Services
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