North Country Alliance says its loans have created, saved jobs
The North Country Alliance says it has supported the creation and retention of 318 jobs and leveraged an additional $21 million in investments from other public and private sources with its loans of $1,469,960 to small businesses across the six-county North Country region in 2010.
Forty-two percent of the funded projects were new businesses, while the remaining projects were due to business growth and expansion.Businesses included Hoosier Magnetics, Ogdensburg, which made improvements to its equipment to reduce emissions.
Since its inception in 1988, the North Country Alliance has lent $10.3 million, leveraged over $88 million in additional public and private investments, and supported the creation and retention of more than 3,500 jobs across the North Country. This equates to an investment of $2,907 in NCA funds per job created.
The North Country Alliance is a not-for-profit local development corporation. Its membership comprises private and public sector organizations and businesses in St. Lawrence, Jefferson, Lewis, Clinton, Essex and Franklin Counties. Its focus is to improve the economic climate in the region by addressing issues affecting the rural communities of northern New York State.