Rockland Success Stories
As we continue on our road to recovery, I want to highlight the work of our Office of Economic Development in helping a handful of local businesses get the funding they need to expand, modernize and ultimately create more jobs.
$20 million has been invested through the U.S. Small Business Administration’s (SBA) 504 Loan Program which provides approved small businesses with long-term, fixed-rate financing at below-market rates that can be used to acquire assets for expansion or modernization.
The best way to move our economic agenda forward is to put more money directly into the hands of businesses and that’s exactly what this financing does. This is just the latest example of our close partnership with the SBA which has brought nearly $100 million in financing to Rockland businesses over the last 6 years.
The program can also be used to refinance debt previously incurred for these expenses, which helps a business create working capital. Through its partnership with Pursuit, a non-bank lender that administers SBA loan programs to businesses in the region and beyond, we submitted letters in support of several businesses seeking 504 funding.
This has led to some incredible success stories for our local businesses:
Danny Clapp Landscaping in New City, family-owned and operated for over 30 years, received a 504 loan which helped them move their home-based location to a commercial space where they were able to bring their entire business operation under one roof.
Kindersmiles, a pediatric dental and orthodontics practice that expanded from New Jersey and opened a new location in Rockland County, received a 504 loan for the purchase and renovation of a building in Ramapo. Renovations are currently underway.
Linen Choice Corp. & Sanders Collection, Inc., wholesalers of bedding and home textiles that supply retailers such as Wal-Mart, Sears, and Wayfair, received a 504 loan for the purchase of land and the construction of a 110,000 SF facility near the Thruway corridor in the Town of Orangetown. Both companies made a significant private investment to accommodate and consolidate their growing businesses here in Rockland.
A&N Building Materials, Inc. (dba H&W Door & Hardware), a national supplier of commercial doors and hardware was approved for a 504 loan for the purchase of a new commercial property in Stony Point, almost tripling the size of their facility. The additional space will be used for inventory storage and workspace for custom projects.
Marino Avenue, Inc., an e-commerce retailer and business-to-business distributor of clothing accessories under the trade name of Mio Marino, headquartered in Suffern, received financing to acquire and improve commercial space in Chestnut Ridge, allowing the company to remain and expand within the County and retain and create new jobs.
These are just some of the building acquisitions, construction expansion, land purchases, site improvements and job creation that will generate tax revenues and contribute to the long-term stability of the local economy. We are continuing to move forward and are sending a clear message that businesses can make it in Rockland County, right here and right now.