The Agency unveils Small Business Incentive program

Binghamton, NY The Agency has unveiled details of its new Small Business Incentive program, aimed at assisting local business owners in affordably expanding their operations. 

The new program will provide an 8% NYS sales tax exemption and can, in some circumstances, also include a 1% mortgage recording tax exemption for Broome County businesses with eligible expenses related to a planned purchase or renovation.

Such exemptions will result in increased cash flow, enabling business owners to make purchases necessary to expand more affordably, including the construction of new facilities, expansion and/or renovation of existing facilities, and the purchase of new machinery, equipment or facilities.

“We are constantly looking for ways to help our small business community improve and grow,” said Kevin McLaughlin, executive director of The Agency. “This program will help them save some money on the necessary costs to expand their operations.”

McLaughlin added that he and his staff receive a great deal of feedback from local business owners about the lack of programs that offer adequate assistance when smaller businesses are looking to expand. This program is aimed at addressing those needs.

Midway Lanes owner Steve Miller was the first applicant, and now the first client, of this new program. With The Agency’s help, Miller plans to remove a bay at the bowling alley and turn it into a recreation area that will include laser tag, a “spin zone,” and video gaming area. Miller noted that the ‘spin zone’ addition is the first of its kind in North America. He expects the project to be completed by mid-August.

“It is something different. It’s unique. And we’re excited to be able to bring it to this market,” said Miller. He also thanked The Agency for “all the help and guidance [they’ve] been able to give us” throughout the process.

“Small business can provide hundreds of jobs for people already living in Broome County or for those looking to relocate and start a new life. And we want those people to start that new life here,” said Broome County executive Garnar.

“Small businesses are the backbone of our economy,” said Broome County legislature chairman Dan Reynolds. “Too often they’re overlooked when it comes to initiatives to help retain and create new jobs in our community. Congratulations to Steve Miller and Midway Lanes on being the first to participate in this exciting new program.”

Businesses interested in learning more about the program can contact Tom Gray, senior deputy director of operations at The Agency.