Small businesses in Glenville may soon be able to apply for loans through the town’s Local Development Corporation.
Supervisor Chris Koetzle said he anticipated that lending would begin this summer.
The LDC was formed last June to allow the town to reuse $565,000 in grant funding from the Community Development Block Grant Small Cities program. That money had been awarded originally to Solid Surface Craftsman owner Alan Boulant to expand his business. Boulant, who is now a Town Board member, has repaid that money and now the Glenville wants to set up a revolving loan fund.
The corporation’s first steps were filing its articles of incorporation with the state and recruiting more members. The final step is approving a formal agreement between the town and the LDC to tap those funds. The Glenville Town Board on Wednesday voted to set a public hearing on April 17 at 7:30 p.m. at Town Hall.
LDC officials said previously that they believe that the loans would be in the range of $5,000 to $10,000 and be used to help existing businesses expand or new ones open, upgrade infrastructure, buy equipment and hire people.
Koetzle said the proposed loan program has generated interest in the business community.
“There’s already a lot of people contacting the town,” he said.
The vote setting the public hearing was one of three economic development related items the board took up Wednesday. It also voted to hire D2 Media Consultants for marketing services at a cost not to exceed $6,000. The money is coming from the town’s REDI (Revitalization and Economic Development Initiative) fund.
Boulant said the Glenville-based firm would be responsible for developing an economic development website for the town, printing marketing brochures, updating existing marketing materials and promoting Glenville to specific businesses.
Koetzle said D2 Media Consultants is implementing the recommendations from the Albany-based PC Public Affairs, which the town hired in 2011 at a cost of $12,000 to develop a marketing plan for Glenville.
The theme for the marketing campaign is “It’s All Right Here.” Koetzle said Glenville has great schools, great shopping districts and wonderful residential neighborhoods for anybody looking for a place to locate or start a business.
The board also agreed to set aside $12,500 from the REDI fund for the business sign replacement grant program. The grants require a 50 percent match from the business and the limit per applicant is $3,000.
If the number of businesses that apply exceeds the available funding, then the grants may be reduced on a proportional basis to accommodate all the applicants, according to Boulant.
Koetzle said he believes the program has been a success during its first two years. “You drive through the business corridor, you see new signs. They look great,” he said.
Businesses interested in applying can fill out a form on the town website at www.townofglenville.org. The deadline is May 3.