St. Lawrence County IDA approves loans for businesses in Massena, Norfolk, Oswegatchie
CANTON – The St. Lawrence County Industrial Development Agency Local Development Corporation approved a $75,000 loan for Kingston Pharma in Massena.
The loan is part of a $150,000 loan package the IDA structured for the company with the North Country Alliance, which is also providing $75,000 in loan funds for the project.The company will use the funding for working capital to help with the growth of its operations in Massena.
The IDA-LDC and River Valley Redevelopment Agency assisted Kingston Pharma with an equipment lease in November 2016.
At that time, the company had 11 full-time equivalent employees and pledged to create 5 more as a result of the lease.
At this time, the company has exceeded those projections and currently has 25 full-time equivalent positions at the Massena facility.
The IDA-LDC also approved a loan for Bregg Winery, Inc.
That loan, in the amount of $30,000, will assist with the purchase of equipment to produce fruit juices, hard ciders and wine at the facility the company is renovating on Main Street in Norfolk.
The IDA Civic Development Corporation approved a loan in the amount of $130,000 for the Town of Oswegatchie/Oswegatchie Crematory.
In 2015 the New York State Department of Cemeteries declared the Foxwood Memorial Park property in the Town of Oswegatchie abandoned and required, per NYSDOC law, that it be maintained by the Town.
The Town constructed a crematory facility at Foxwood Memorial Park in late 2017, using all proceeds from the crematory to maintain the property, and applied to the IDA-CDC for a loan to assist with financing a second crematory chamber at the facility.
The Town of Oswegatchie/Oswegatchie Crematory is the only facility providing cremation services within St. Lawrence County.