by Stephen KImball
For Immediate Release
June 8, 2010
For More Information:
Contact: Stephen Kimball
607-273-0005 W
607-240-7494 C
stephenk@tcad.org
TCAD’s Loan Fund Activity
The primary objective of TCAD's Loan Program is to create quality employment opportunities and strengthen the tax base by helping entrepreneurs start new businesses, helping existing businesses expand, or attracting businesses to Tompkins County. The TCAD Loan Program consists of four individual revolving loan funds: the TCAD Loan Fund, Minority and Women Loan Fund, Countywide Revolving Loan Fund, and Town of Dryden Loan Fund.
TCAD's Loan program has been very busy lately. Recent activities includes:
- A loan to Regional Access from the Countywide Revolving Loan Fund in March. Regional Access, an organic and local food distributor, received a loan for fixed assets and working capital at its facility in the Town of Ulysses. Ten jobs will be created.
In addition, the TCAD loan committee also approved four other loans that are in the process of closing:
- Adenios, a biotech company based on Cornell technology, was approved for a loan from the Countywide Loan Fund for lab equipment purchases to establish a lab here in Tompkins County. Twelve jobs will be created in the next three years. Stock options are involved in this loan.
- e2e Materials, a company based on Cornell technology that is making a renewable, non-toxic replacement for particle board, was approved for a loan from the Countywide Loan Fund for fixed asset purchases as part of a project to establish a prototype facility in the City of Ithaca. Five jobs will be created in the next two years. Stock options are involved in this loan.
- Sunbeam Candles, an environmentally friendly candle company, was approved for a loan from the Countywide Loan Fund to facilitate moving operations from Van Etten to Enfield and expand its product line by 40%. The company will create four jobs in the next two years.
- Mia Restaurant & Noodle Bar was approved for a fixed asset loan from the TCAD Minority and Women Loan Fund. This is part of a mixed-use redevelopment project at 130-132 The Commons that includes a $2 million historic renovation of the four-story building and will create banquet spaces, offices, and eight apartments in addition to the restaurant space.