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Binghamton Local Development Corporation - BLDC
2010 BUSINESS PLAN COMPETITION
6/24/10 - Mayor Matt Ryan today joined members of the Binghamton Local Development Corporation (BLDC), Entrepreneurial Assistance Program (EAP) and Broome Community College President Kevin Drumm to announce that Natalia Williams has won the 2nd Annual BLDC/EAP Business Plan Competition.
Williams will receive a $5,000 prize to be used towards launching her business, Integrated Office Services (IOS), which will provide downtown office space and administrative support for small and medium-size companies. IOS is anticipated to open this fall.
“In a field of very competitive applications, this business plan clearly
stood out as the best,” said Mayor Ryan. “IOS promises to make our downtown business district even more dynamic by offering comprehensive office tools to small and medium-size companies. This is exactly the type of growth that we’re seeking to spur, and I thank both Natalia and the Binghamton Local Development Corporation for their participation in this effort. From its loan programs to this competition, the BLDC has succeeded in attracting investment and creating jobs through innovation and dedication, and their momentum is only growing.”
IOS’s administrative support will include receptionist services, bookkeeping and data entry. Offices and conference rooms will come fully equipped with wireless internet access, storage areas and furniture. IOS also will offer mail services, copiers, fax machines and a break room. Williams plans to use the prize money to purchase IT equipment for some of these services.
“Integrated Office Services will allow new businesses to present a professional image without busting their budgets,” said Williams, who last month graduated from Binghamton University with a BA in Philosophy, Polices and Law. “I appreciate the BLDC and EAP for providing the opportunity to jump-start IOS in Binghamton, and I’m proud to be part of a community that values new business development.”
This year’s competition attracted 27 entries, out of which the judges selected 12 finalists. Although only one contestant could win the prize money, the BLDC anticipates that many of the others will move forward with their business plans.
“I was amazed at the creativity presented by the aspiring entrepreneurs who participated in this competition,” said BLDC Board member and Competition judge Marie McKenna, who also owns the Lost Dog Café. “There is no lack of talent in our area; and I look forward to seeing these wonderful ideas come to fruition.”
To ensure the Competition received best applications possible, organizers required that participants attend an EAP tutorial. While some applicants received this training through the Entrepreneurial Assistance Program’s regular classes, 31 took part in the EAP’s Business Plan Workshop held on March 13th at Broome Community College, where the EAP is based.
“BCC is pleased to promote entrepreneurship in Binghamton and the entire Southern Tier, and this competition is an extension of that initiative,” said President Drumm. “The college is doing everything it can to support local economic development through its programs.”
BACKGROUND
Introduced in 2009, the Business Plan Competition seeks to grow local businesses, raise awareness about BLDC financing programs and highlight resources for business development. The BLDC’s Marketing & Outreach Committee developed the Competition as part of its overall strategy, which also includes signage on current construction projects, advertising in local business journals, mailings to local small business owners and presentations for professional associations. The $5,000 prize money will come from the BLDC’s Marketing & Outreach Committee’s annual budget.
The Competition included judges from the BLDC and EAP. Representing the BLDC were McKenna and Debra Andrako, Vice President and Commercial Loan Officer at NBT Bank. The judges representing the EAP included Diane Julian of NBT Bank and Bill Ritter of SCORE, a national nonprofit association dedicated to business education.
Last year’s Competition was won by Kathryn Fletcher for her plan to grow her promotions firm H2Innovations, now known as BiziLife Ventures, which is based at the Greater Binghamton Innovation Center in downtown Binghamton. She used the prize money to market the firm more broadly.
Partnering with the EAP, the committee modeled the Competition on a similar contest held only for EAP students. Just like the EAP contest, the BLDC and EAP intend to continue holding the citywide competition on a yearly basis.
Based at the Binghamton Economic Development Office, the Binghamton Local Development Corporation offers low-interest commercial loans and other business resources. The Entrepreneurial Assistance Program offers business training and technical assistance, and is part of Broome Community College’s Continuing Education Program.
PROGRAMS
Investing in YOU
Our Mission
To further sustainable economic development in the City of Binghamton by attracting new business, retaining and growing established business, building industrial and commercial capacity, and promoting employment.
About Us
The Binghamton Local Development Corporation develops loan programs, initiatives and outreach efforts to support the City's economic development strategy, in conjunction with the Binghamton Economic Development Office
BLDC members provide input and expertise from a variety of community sectors including finance, business, and organizations that represent low to moderate income populations. The membership elects a Board of Directors to govern the activities of the corporation.
BINGHAMTON LOCAL DEVELOPMENT CORPORATION LOAN PROGRAMS
Funding for BLDC loan programs comes from the Department of Housing Urban Development's Community Development Block Grant (CDBG), as well as other federal sources. CDBG provides low-cost loans to help fill the gap in financing packages for a variety of transactions, including acquisition, expansion, fixed assets, rehabilitation, and facade renovation. Loans may be subject to job development guidelines, and all loans require an application fee and owner equity.
Please see the below for more on our below market rate loan programs:
Loan Guidelines:
- Up to 40% of the total project cost, to a maximum of $250,000, whichever is less
- Low interest rate, 75% of the prime interest rate published in the Wall Street Journal, not to go below 3%
- Terms to match the security or collateral, up to 20 years in some cases.
Eligibility
- Borrower: Proprietorship, Partnership, Corporation or LLC
- Property: Properly Zoned for commercial use within the City limits of Binghamton
- Verification from the City that project meets zoning & building requirements
Uses:
Acquisition of land, building, machinery, equipment, furniture/fixtures; development, rehabilitation, renovation, improvement of land, building and facilities. Pollution control and related improvements.
Other project activities deemed by the BLDC Board of Directors to be within the general interest and purpose of it's mission and consistent with federal guidelines and current HUD requirements.
Application fee: $150.00
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Loan Guidelines:
- Business of five or fewer employees, one must be owner
- Up to $20, 000, up to 5-year term
- Low interest rates, 75% of prime interest rate published in the Wall Street Journal, not to go below 3%
Uses:
- Purchase of fixed assets
- Working capital or inventory
Application Fee: $100.00
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To improve the overall "curb appeal" of the City's commercial districts, the COMMERCIAL FACADE IMPROVEMENT PROGRAM can provide financial assistance to local businesses to upgrade the exterior buildings and historical restoration.
Loan Guidelines:
Eligibility:
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Borrower: Proprietorship, Partnership, Corporation or LLC
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Property: properly Zoned for commercial use within the City limits of Binghamton
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Verification from the City that project meets zoning and building requirements
Uses:
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Historical restoration on the exterior of the building
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Roof, door and window replacement
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Exterior refinishing - masonry, paint
Application fee: $150.00
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The following do not qualify for BLDC Loan Program funds:
- Refinancing
- Payment for purchases made prior to project approval
- Speculative buildings or projects
- Projects where appropriate financing from other sources is available
- Not-for-Profit entities
- Residential development
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APPLICATION PROCESS
Click here for Application Process
Contact the BLDC office by e-mail, phone, or in person to review your project plans, receive an application package and to discuss the process. The BLDC expects many of the same documents and assurances as any private lender.
Once the BLDC has accepted a complete application and fee, the review and decision process by the BLDC Board takes approximately 4 – 8 weeks under normal circumstances. Loans that require approval from City Council typically take an additional 3 to 4 weeks.
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Here's another way we can help!
The Binghamton Development Office
In addition to alternative financing programs, the Economic Development Office can assist with other general business information. Staff can provide information and referrals for details that commercial and industrial firms require. Site selection, relocation, assessment and tax information, access to State and Federal programs, as well as local and regional issues, are available through the Economic Development Office.
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