Economic development tool unveiled

By Daily Record Staff
Posted: 4:47 pm Thu, May 6, 2010

Monroe County Executive Maggie Brooks on Thursday announced the county’s launch of the new Monroe Manufactures Jobs LoanPlus program, designed to assist small manufacturing companies with the purchase new equipment.

The program is intended to increase local companies’ investment in the regional economy and preserve capital. The program also includes a $500 incentive for companies that hire unemployed workers, according to a release from Brooks’s office.

“Although we’ve begun to see improvements in the vitality of our local economy, many small manufacturing companies continue to struggle and too many of our neighbors are unable to find employment,” Brooks said in a statement.

The Monroe Manufactures Jobs LoanPlus program will lend companies 10 percent of the purchase price, up to $100,000, at 1 percent interest, for the purchase of equipment. The company must invest 10 percent and a partner bank will lend the remaining 80 percent of the purchase price. If the company hires an individual on unemployment who works for the company for six months, a $500 bonus will be given.

Eligible companies must qualify as a small business according to the U.S. Small Business Administration standards, and the company, its officers and owners must be current on all taxes and have no outstanding tax liens.

The program will be administered through the Monroe County Industrial Development Corp. and has an initial $900,000 set aside to fund it, according to the release. Monroe Manufactures Jobs LoanPlus “is funded by fee income and loan repayments and no taxpayer dollars are used to fund the program,” the release also states.

MCIDC plans to survey companies annually to ensure they are in compliance with eligibility requirements.