Washington, D.C. – U.S. Senator Kirsten Gillibrand, New York’s first member of the Senate Agriculture Committee in four decades, today announced a $99,900 federal grant for Tompkins County Area Development Corp (TCAD) to help provide access to capital for local small businesses. Federal funding was allocated through the USDA’s Rural Economic Business Enterprise Grant program (RBEG), which provides grants for rural projects that finance and facilitate development of small and emerging rural businesses.
“This federal funding is so important for small businesses in Ithaca,” Senator Gillibrand said. “Small businesses are the most powerful economic engines we have. When we invest in rural small businesses, we can help them grow and expand, support job creation and revitalize rural communities.”
TCAD President Michael Stamm said, “Senator Gillibrand’s staff told us about this funding opportunity, thought it would be a good fit with our existing programs, and encouraged us to apply. The funding award from the USDA will allow TCAD to help business and industry grow in Ithaca.”
TCAD plans to establish the City of Ithaca Revolving Loan Fund to assist with financing businesses and economic development activity in affect to save and create new jobs in Ithaca. TCAD currently manages four existing loan funds and has an excellent track record of lending these funds to local businesses. Since 1987, the TCAD loan program has made 52 loans totaling $1,870,000. Loan fund recipients have created over 800 jobs.
The TCAD Loan Program’s primary effort is to create quality employment opportunities and strengthen the local economy by helping entrepreneurs start new businesses, helping existing businesses expand, or attracting businesses to Tompkins County. The Program is targeted to businesses that sell a product or service to customers outside of Tompkins County.