DLDC approves $45,000 in loans for Incubator businesses
The Dunkirk Local Development Corporation approved $45,000 in new loans for 2 tenants of the SUNY Technology Incubator at its October 25th meeting in order to continue the economic development momentum in the City. In addition the Board developed a permanent loan program specifically designed to assist Incubator tenants in flourishing within the City.
In its first item of the business the Board approved the SUNY Incubator Loan program which allows Incubator business to apply for up to $30,000 in funding in two $15,000 increments to grow their businesses. The loan program establishes benchmarks for how the proceeds will be disbursed and also provides for an incentive based on job creation within the City of Dunkirk.
According to SUNY Incubator Director Robert Fritzinger, “We're very pleased to see this unique and innovative program go into place to support the entrepreneurs at the SUNY Fredonia Technology Incubator. This new initiative is yet another indication that The City of Dunkirk is willing to innovate and lead on behalf of the new businesses locating into our building and it's one of the reasons the program is off to such a good start. I want to thank Kory and Mayor Frey for their commitment, vision and leadership.”
The first loan approved under this new program was in the amount of $30,000 for Selling Hive which is a social networking company seeking to match qualified sales professionals with businesses seeking their particular skills set. DLDC Administrative Director Kory Ahlstrom commented “Selling Hive is seeking to create exactly the types of jobs we are looking for within the City. Their technology based white collar work force will provide the City and the Incubator with the foundation to leverage our proximity to a very skilled workforce graduating from SUNY Fredonia. Selling Hive has shown a great commitment to this project and the area as they have worked with the University administration to design courses and a curriculum to specifically suit their needs.” Selling Hive was awarded a $30,000 loan after the board determined that they had already exceeded the benchmarks outlined in the new Incubator loan policy.
The second loan reviewed was from Henlie also of the SUNY Incubator and was approved in the amount of $15,000. This loan is to continue the development of Henlie’s proprietary technology software suite. Henlie’s presented their proprietary offering to the DLDC board in an Executive Session citing trade secrets and Ahlstrom commented “We are really excited to be a part of Henlie’s continued development within the City. I think the residents of the area will be excited to be associated with this company going forward and we are excited to see how the marketplace reacts to their product.” Henlie was awarded $15,000 with the option to apply for the additional $15,000 upon the full release of their product to the marketplace per the Incubator loan policy.
Dunkirk Mayor Richard Frey Commented “I’m proud of the work this Board did under Kory’s direction to develop a responsible program to achieve the full potential of this great resource we have on Central Ave. Kory came to me a couple of months ago with the recognition that there was a gap in funding to help grow the terrific businesses Bob has recruited to the center. He asked to develop a program for these specific start-ups since the DLDC has historically not lent to start-ups and I gave my full blessing, it’s this type of outside of the box thinking that will keep Dunkirk moving forward. I have been a big supporter of the Incubator and under Dr. Hefner’s and Mr. Fritzinger's leadership I see this facility being a leading economic engine for the City and will continue to make any resources we can available to make it a success and create jobs for our residents.”
