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February, 2007
From Our Finance Issue
Community Report
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 The last Technology Career Fair in September connected hundreds of professional employees with 49 employers in the technology industry. We're busy planning our fourth Technology Career Fair with HTBC to be held on Wednesday, February 28 from 3-7 p.m. at the Doubletree Hotel on Jefferson Road. If you're an employer in the optics, life sciences/bio-tech, engineering, software development, IT, or telecom industries looking for technical or professional talent, don't miss this opportunity to recruit the best applicants Rochester has to offer. Interested employers can contact us at careerfair@digitalrochester.com; space is limited. If you're a technology professional looking for career advancement, mark your calendar, because this is the one career fair that you can't afford to miss! Knowledge UpgradeWe've got two exciting Knowledge Upgrade events coming up. At "The Global Economy Comes Home," in February, Michael Jamesson will share his insights on what's happening in the local, state, national, and global economy, and what it means to you and your business ( www.digitalrochester.com/kus has all the details). Also mark your calendar for March 14th, when we're partnering with The Entrepreneur's Network to bring you an expert panel that will share the secrets of successfully using strategic partnerships to grow your business. Submit Your Business Plan
Are you Rochester's next successful entrepreneur looking for a few good investors to take you to the next level? Submit your business plan now for Digital Rochester's fall Entrepreneurs & Angels. This popular event gives start-up companies an opportunity to present their business plan to an audience of potential investors, advisors, and economic development professionals in March. Deadlines and details are at: www.digitalrochester.com/ea/. Networking
Don't forget to join us for networking on Tuesday, February 6 at Max, and on Tuesday, March 6, when we'll be celebrating DR's new "Spring Forward" networking celebration.
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County Invests In GRE's Success
It has been my honor to serve as your County Executive for the past three years. I am especially proud of our collaborative efforts to retain and create jobs in our community. While we celebrate our success, we must also keep up the fight. As we look to the future, we recognize that a strong, vibrant, and stable economy is dependent upon the attraction of outside investment that will grow more jobs and increase our tax base. That is why in December 2006, the County of Monroe Industrial Development Agency (COMIDA) decided to invest $300,000 in the Greater Rochester Enterprise (GRE). This investment will strengthen the County's collaborative relationship with GRE. Through our existing partnership, GRE serves as the marketing arm to attract new business investment, while the County steps in to secure that investment by way of our incentive programs. COMIDA's investment will be used to increase GRE's marketing and business attraction activities. COMIDA funds are generated through fee income from approved projects, and are not taxpayer dollars. The $300,000 is part of COMIDA's annual budget, and we are now re-directing these funds to bolster the fight for jobs in Monroe County. We've had a productive partnership with GRE over the last two years. For example, we worked together to bring Florida-based CareGuide and 200 new jobs to Monroe County. We also worked together to help Sentry Safe move its China manufacturing operation to Monroe County, creating 30 new jobs. With this investment by COMIDA, we are sending a clear message that Monroe County is committed to do our part, as part of a coordinated, team approach, to attract new businesses and jobs, and compete more effectively in today's global economy. I look forward to more positive results to come.
Maggie Brooks
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Loans Available to City Businesses
The City of Rochester's Economic Development Department and its affiliated agency, Rochester Economic Development Corporation, provide a variety of financial incentives to city businesses who are making investment and creating jobs. These programs, involving low-cost loans and grants, are generally part of an overall financing package which also includes bank financing and private equity.
The City and REDCO offer low-cost financing in the form of loans with interest rates fixed at 2% or 3.5% below the prime rate, depending on collateral offered. Loans are available for projects involving working capital, equipment, or real estate acquisition or expansion. Loan terms vary from five to ten years. All loans must be appropriately collateralized, and personal guarantees are usually required. In addition to direct loan programs, REDCO also offers the SBA 504 loan program. This program provides long-term fixed-rate financing for either equipment or real estate projects. By utilizing this program, businesses can finance up to 90% of eligible project costs, thereby conserving equity capital for other uses.
In addition to loans, the City offers a variety of grant programs available for eligible projects. Most grant programs require a 50% match from the business and usually require repayment of the grant if the business leaves the city within five years. Grant programs are available for exterior facade improvement, real estate pre-development activities (environmental assessment, architectural/engineering studies), building expansions, and security equipment purchases.
Applications for financial assistance are carefully reviewed to ensure that program guidelines and economic development objectives are being met. All projects involving City and/or REDCO must meet minimum investment and either job creation or job retention goals. Additionally, both the City and REDCO perform a thorough financial analysis of the business applicant to ensure that the business is creditworthy and the project has a high degree of feasibility.
Carlos Carballada
WWW.CITYOFROCHESTER.GOV
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Show Off Your Business Plan
We are pleased to continue accepting applications for the 2007 Rochester Regional Business Plan Contest. Regular registration will be open through mid-March, with Business Plan Workshops beginning this month and continuing through early March. Final business plan submissions will be due in mid-April, and the Regional Finals event will be held the first week of May. Contest dates, application forms, and details are all available at www.htr.org.
Reflecting on their positive experience, participants from last year's contest gained invaluable additional skills and exposure by competing. A sampling of last yearÕs contest winners underscored the benefits of participating: "The greatest benefit for Diffinity Genomics was the coaching by HTR's Entrepreneurs-In-Residence (EIRs) and professional staff," recalls Rick Richmond, CEO of Diffinity Genomics, first place winner of the 2006 contest. "We had written a good plan but needed help with its presentation. Dry runs in front of EIRs provided invaluable advice from experienced entrepreneurs who could stand back and identify weaknesses in the presentation. The final presentation was much stronger, more concise and compelling as a result."
John Neugebauer, Chief Executive Officer of Koning Corporation, who claimed second place, reflected that "participation in the contest demanded that I truly focus on our corporate presentation and constantly improve on its quality and delivery. The contest's coaching and advice allowed me to become a winner."
This year will also mark the start of the exciting, new Golden Horseshoe Business Plan Contest, drawing on contest winners from the participating communities in the "Golden Horseshoe," including Ithaca, Rochester, and Buffalo in New York State and Hamilton and Waterloo, Canada. The Golden Horseshoe Finals Event location will rotate from year to year, but is being held in Rochester for 2007 in late May. Entry to the Golden Horseshoe Contest is limited to the top winners of each participating region.
HIGH TECH ROCHESTER...The Innovator's Edge
WWW.HTR.ORG
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