By JIMMY LAWTON
POTSDAM -- The St. Lawrence River Valley Redevelopment Agency approved a $51,500 loan First Class Services, Potsdam for an expansion that will create four new positions at its waste recycling facility.
Owner Lisa Clothier recently opened the recycling and salvage facility in the former Woodruff Block property at 495, West Parishville Road. Although the company specializes in heating and air conditioning, Clothier said the new facility includes 10 acres of land and has allowed the company to offer metal and electronic waste collection.
At a Tuesday meeting the River Agency approved her request for $51,500 loan for the purchase and installation of equipment that will allow her to maintain four-fulltime equivalent positions and establish four more.
According to the resolution, the project will "reduce the waste stream by expanding the salvage and recycling capacity of a Certified Woman Owned Business and New York State Certified Electronic Waste Recycling Facility.
The ten-year loan will be offered at an interest rate of half of prime plus one, or 2.63 percent, and will be adjusted after five years.
The loan is secured through a variety of collateral and insurances. The loan requires approval from the St. Lawrence Industrial Development Agency before it can be finalized.