Business Driven. People Focused. |
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STEG March News and Events |
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STEG helps with Jim's Gym Expansion |
Jim's Gym, located at 754 Baldwin Street decided to expand its services by offering boxing classes for adults and youth.
STEG and REDEC provided financing to help with equipment purchase and expansion of the space to house a regulation boxing ring.
The gym, which opened in 2019, was severely impacted by Covid-19 mandatory shut down and is still expanding its membership. The boxing classes are a welcome addition.
The loan is also helping to fund the location of a full-service salon which will open in a separate part of the gym later this year.
STEG administers a revolving loan fund on behalf of the City of Elmira. Commercial projects that agree to create jobs for low to moderate income individuals may qualify for up to $50,000 in financing. Industrial projects can qualify for up to $100,000. Businesses or start-ups must be located within the City of Elmira.
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Chemung County Business Relief Program |
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The Chemung County Industrial Development Agency has zero interest short-term working capital available for qualified businesses.
Investment up to $15,000 will be offered for short-term working capital needs. In order to be eligible, applicants must be for-profit businesses already in operation in Chemung County and meet the following requirements:
• In addition to the owner, the business must employ at least one person but cannot employ more than 50 people.
• The applicant must be able to provide evidence of a loss in sale, income and/or cash flow which may include a comparable income statement.
• Owners are required to personally guarantee the loan and must have a minimum credit score of 620.
• Applicant must have a debt service coverage ratio of at least 1:1.
• Up to $15,000 in funding will be made available to any individual guarantor
The fund was originally created to help businesses impacted by Covid-19 shut down restrictions. It is being managed by REDEC, which will utilize an intake form to screen potential applicants to insure the project meets basic eligibility criteria. Once determined eligible, the applicant will be required to complete a full application.
For more information please contact us at 607-733-6513
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Through partnership with the Chemung County Chamber of Commerce we were able to hold the 30th Annual Economic Forum.
We would like to recognize the entire team from the Chamber of Commerce for all the work they put into organizing the event and we also thank the program sponsor Community Bank, as well as Kennedy Valve, Perry & Carrol, Chemung Supply, Employment Solutions, Excellus Blue Cross Blue Shield, Hilliard, and Southern Tier Custom Fabricators.
This year's panelists provided insight into their work while including challenges they each face when it comes to workforce development, affordable housing needs, business development, and healthcare. The panelists for this years event were Scott Beecher President and CEO of Ward Diesel Filter Systems, Susan Bull President and CEO of Arbor Housing and Development, Ed Holzlein VP of Operations North America CAF, and Jessica Renner Regional President, Southern Tier Region Excellus Blue Cross Blue Shield. The event was moderated by Jeanne Eschbach, Executive Director of Workfroce Education and Academic Pathways at Corning Community College.
The event was extremely well attended, and we appreciate everyone who participated. We look forward to continued partnership with the local businesses in our community, and working together on a successful year ahead.
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New look at the upcoming Stamped Fittings LLC expansion at Airport Corporate Park.
We highlighted the construction of the 116,000 sf facility in September when they first broke ground and wanted to provide an update.
The Chemung County IDA provided financing in the form of tax incentives. The project also received a grant investment from New York State Empire State Development.
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Tune into WETM to see STEG highlighted on the news! (you can also view online at MyTwinTiers.com)
STEG is working with WETM to create business spotlights for participating STEG investors.
The first business to be featured for 2023 is... us! Make sure you tune in to learn more about what we do. In the months to come you can learn more about our investors, who will be highlighted throuhout the year.
Exciting marketing initiatives to come in 2023!
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There is still time to register for the Cornell Center for Materials Research 101 Workshop on April 13th |
day-long workshop, attendees will receive an overview of programs by staff, receive facility tours, and participate in live demonstrations.
FOR MORE INFORMATION AND TO REGISTER CLICK HERE
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Chemung County IDA Releases New Website! |
The Chemung County Industrial Development Agency released a brand new website in March of 2023. The goal of the new website is to improve the user-experience and ensure that compliance requirements are met. The new website provides a much cleaner, and modern appearance for visitors.
The CCIDA asks for your patience in finding information on the new website, as the staff takes the time to upload new information, as well as ensure all of the old existing information is transferred over.
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Are you interested in viewing additional available properties in Chemung County?
Please visit the GIS Tool on our website.
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63,000sf call/data center was formerly occupied by Wayfair, which made significant renovations. Building features include: private secure lobby, open floor plans, hard offices, fitness area, numerous employee lounge areas, IT rooms, recreation room, cafeteria, conference rooms, natural lighting from numerous windows and large skylight.
It can be used for data/call center or for regular office space.
For additional information including the listing from Pyramid Brokerage Please:
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WE APPRECIATE YOUR SUPPORT!
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Southern Tier Economic Growth (STEG) a private, not-for-profit organization that fosters prosperity and vitality in Chemung County through the planning, promotion and implementation of economic development programs. Its board of directors has over 65 members, over 75 percent are private business people working side-by-side with chief elected officials and education and community leaders to help create and retain jobs, sustaining a strong economy. It works with the Chemung County Industrial Development Agency (CCIDA), a Public Benefit Corporation of the State of New York that was formed in 1975. The Chemung County IDA consists of a seven-member Board of Directors and provides a variety of tax incentives, financing, and/or related benefits to a broad range of eligible projects that provide a positive economic impact within Chemung County.
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400 E Church Street
Elmira, NY 14901
P: 607.733.6513
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