REDEC Receives $250\,000

REDEC Receives $250,000

Video Credit: WETM NBC 18 Elmira - Published
REDEC Receives $250,000

REDEC Receives $250,000

Thanks to the partnership between the U.S. Small Business Administration and the Regional Economic Development and Energy Corporation, small business, like Cugini's, can flourish.

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REDEC Receives $250,000

Due back in court tomorrow.

For small businesses to launch, a certain amount of start-up funding is likely required.

18 news reporter, ryan ruff, explains how one corporation is providing the funds to fuel the economic landscape of corning's market street.

Ryan ruff: "we can all agree that small businesses are a staple in the economic landscape here on corning's market street.

And thanks to the partnership between the u.s. business administration and the regional economic development and energy corporation, small business, like cugini's can flourish."

Since opening in september, cugini's italian market and cafe has established themselves as one of market street's newer small businesses.

Due to the help of r.e.d.e.c.

And the u.s. small business administration, cugini's was supplied a loan with a low interest rate, to supplement some of the costs of renovating their new space.

A cost that may have been too difficult to overcome without financial help.

Angela hickey: "because without them, this may not have materialized.

Thank god for their help."

Since 1993, r.e.d.e.c.

Has leant over $7 million to businesses and helped create over 2,500 jobs across the southern tier.

And today, r.e.d.e.c.

And the s.b.a.

Extended their partnership.

Bernard paprocki: "what we did, is presented r.e.d.e.c.

With a check for $250,000, which supplements their "microloan" program, that is available through the u.s. small business administration.

It allows them to make small loans to a maximum amount of $50,000, it could be as low as $1,000, to small businesses to help them start, grow, expand."

And the growth of businesses eventually leads to job creation.

Bernard paprocki: "they are our community.

They give back to the community, they hire people from the community.

Most people i know, including myself, got their first job at a small business.

Small businesses are the engine that provides the jobs that we so desperately need here in upstate new york."

Ryan ruff: "if you're interested in starting your own small business and want a little bit more information on the reporting from our corning bureau, ryan




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