Albany, NY According to Empire State Development, (ESD) three Entrepreneurial Assistance Programs (EAP) have been selected as 2016 Award for Excellence recipients. The three award winners, located in the North Country and NYC, were chosen for their program performance, achievement, and their dedication to the entrepreneurs of New York State. The winners were named during the annual Entrepreneurial Assistance Program Conference.
The conference brought together all 24 EAPs and featured workshops, breakout group sessions, and networking opportunities that will help grantees meet and exceed expected performance levels during the new contract year.
“Congratulations to this year’s award recipients and thank you for all the work you have done over the past year to support the business community across New York State,” said ESD President, CEO & Commissioner Howard Zemsky. “New York’s small businesses and entrepreneurs – the heart of the state’s economy – are a priority to this administration, and under Governor Cuomo’s leadership, they will continue to get the attention they deserve.”
In 2016 the EAP network provided services to more than 1,515 participants who increased sales by $31.9 million, started or retained 309 businesses, increased and/or retained 2,181 jobs, and secured $7.8 million in financing.
Among the 2016 EAP Award recipients, representing exemplary leadership and collaboration throughout the state, is the Adirondack Economic Development Corporation (AEDC), a not-for-profit with the mission of providing access to capital, training and technical assistance to North County small businesses. This past year the EAP at the AEDC provided services to 54 new and prior year clients; helped start or retain 16 businesses; assisted 14 businesses in increasing their sales by $1.3 million; worked with 20 businesses to expand or retain a total of 64 employees; secured 15 small-business loan packages resulting in $632,200 in financing; and oversaw the creation of 15 business plans.
AEDC’s work is guided by its vision of a resurgence in the North Country’s private sector, driven by small businesses and increased entrepreneurial investment, which will build personal wealth, create employment, grow incomes, and strengthen local communities.
Also named 2016 EAP Award recipients are:
South Bronx Overall Economic Development Corporation (SoBRO)
Established in 1972 to reverse the flight of businesses and jobs from the South Bronx, SoBRO’s mission is to enhance the quality of life in the neighborhood by strengthening businesses and creating and implementing innovative economic, housing, education, and career development programs for youth and adults. SoBRO works to address poverty by creating jobs and training people for those jobs and ensuring a brighter future for the community’s young people. The SoBRO EAP center was created to provide training and counseling for fledging businesses.
In the past year the EAP at South Bronx Overall Economic Development Corporation:
Provided services to 72 new and prior year clients;
Helped start or retain 16 businesses;
Assisted 12 businesses in increasing their sales by $3.8 Million;
Worked with 16 businesses to expand or retain a total of 206 employees;
Secured six loan packages resulting in $497,748 in financing; and
Oversaw the creation of 14 business plans.
Renaissance Economic Development Corporation
Renaissance Economic Development Corporation was established in 1997. The organization is dedicated to providing financial and technical assistance to Minority- and Women-Owned Business Enterprises (MWBE) in immigrant and/or low- to moderate-income communities, where the barriers of language, culture, and conventional loan underwriting have stymied the growth of micro and small businesses. Renaissance provides a wide range of training and technical assistance and offers services in Cantonese, Mandarin, Korean, and English. Renaissance Economic Development Corporation is the only organization of its size that offers such technical assistance services in conjunction with a host of financial assistance and loan programs, including its newly developed loan program for veterans.
In the past year the EAP at Renaissance Economic Development Corporation:
Provided services to 66 new and prior year clients;
Helped start or retain 11 businesses;
Assisted 14 businesses in increasing their sales by $328,500;
Worked with 13 businesses to expand or retain 63.5 employees;
Secured 14 loan packages resulting in $510,000 in financing; and
Oversaw the creation of 15 business plans.
“All of our EAP Centers did tremendous work this year helping businesses get off the ground and creating jobs,” said Joyce Smith, Director of the New York State Entrepreneurial Assistance Program. “It’s a great pleasure to recognize their successes and to welcome some new centers into our growing network.”
New EAP Centers
Additionally in 2016, the EAP has expanded its outreach and services to Spanish- speaking entrepreneurs in the Bronx and Queens, with two new EAP Centers. The Business Outreach Center Network (BOC), in Corona, Queens, will serve a community that is 72% Hispanic or Latino. BOC already has a presence in the community and has been providing business services since 1997. The second, at the SoBRO Venture Center, will offer business counseling and training sessions in both Spanish and English. The Venture Center opened in 1993 and is designed to house small businesses and provide them with essential office amenities and a wide range of business assistance services, such as business plan development, minority certification, procurement assistance, credit repair, and help securing financing.
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