Category Archives: Business News

The Warren County Local Development Corp. has created a loan program to help small businesses recover from economic hardships due to the COVID-19 pandemic.

A total of $200,000 has been allocated for loans of up to $15,000 each with a 4 percent  interest rate. Repayment of a loan must be within four years, with loan payments deferred for the first two months, officials said. There is no prepayment penalty.

To be eligible:

• Applicants must be either sole proprietors, independent contractors, self-employed, or an LLC operating within Warren County. They cannot previously have received Payroll Protection Plan or other loans.

• Businesses must have 20 or fewer full/part time employees.

• Loans may be used for working capital, payroll, rent, utilities, mortgage and monthly expenses.

• They must have been in business for at least two years.

The Federal Reserve has expanded its $600 billion Main Street Lending Program to serve much smaller businesses.

The move comes after the Federal Reserve accepted more than 2,200 comments about the proposed lending program from people, businesses and nonprofits. The Fed has yet to set a start date, saying that will be “announced soon.”

The minimum loan amount under the program will now be $500,000 for new loans and priority loans, down from the originally proposed $1 million, opening up the program to smaller businesses. The “expanded” loan type will be a minimum of $10 million, designed for larger businesses.

The ceiling for loans will also be raised to companies with up to 15,000 employees or up to $5 billion in annual revenue, compared with original thresholds of 10,000 employees or $2.5 billion in revenue when the program was first announced. That means much larger companies will now qualify for the program.

There will be a new type of “priority loan” in which the Federal Reserve will buy 85 percent of the loan made by a bank, as opposed to the 95 percent the Fed will buy through its Main Street New Loan Facility and Main Street Expanded Loan Facility, announced earlier this month.

By Christine Graf

After two years of negotiations, the agreement which would have allowed Pioneer Bank to purchase Jaeger & Flynn for $12.75 million has been terminated.

With more than 85 employees working in offices in Clifton Park, Saratoga Springs, and Glens Falls, Jaeger & Flynn is the third largest health insurance broker in the region. They also offer human resources consulting and a variety of other services.

According to Pioneer Bank CEO Tom Amell, it was Jaeger & Flynn President and CEO Thomas Flynn who ultimately made the decision to terminate the agreement.

“His reasoning for it made good business sense,” said Amell. “The decision was made primarily because of COVID-19  unrest. It happened at a time when there was an out clause in the contract. We were so close to getting final touches on it, and then the world changed on us. We mutually agreed to take a deep breath, step back, and make sure our underlying business are strong.”

By Christine Graf

Metrix Online Learning is being offered free of charge to residents and businesses in Saratoga, Warren, and Washington counties.

The online learning platform was developed by Albany-based NY Wired for Education. It features more than 5,000 different courses in everything from Microsoft Office to disease prevention. The majority fall under the categories of information technology, basic business, retail service, manufacturing, and healthcare.

Classes are available online and can be accessed any time of day, any day of the week.

Subscription costs for Metrix Online Learning are paid for by the three-county consortium of one-stop career centers in Warren, Saratoga, and Washington counties. These centers are located in Glens Falls, Ballston Spa, and Fort Edward and are funded by the Workforce Innovation and Opportunity Act (WIOA). The WIOA was designed to strengthen and improve the country’s workforce.

BY CHRISTINE GRAF

Local chambers of commerce are scrambling to provide support to their members during this unprecedented time of financial uncertainly. They have become information clearinghouses and are disseminating updated information related to COVID-19 as quickly as possible.

According to Lake George Regional Chamber of Commerce Executive Director Gina Mintzer, she is receiving as many as 150 emails a day on the subject.

“The information is coming in so fast. I get information from the county, state, federal government, and governor’s office,” she said. “We are trying to keep abreast of all of that information that’s being thrown out there by government agencies to benefit those who need it the most. We are distilling that information and getting it out there through e-blasts and our social media platform.”

The unprecedented situation presented by COVID-19 has created challenging times for all, with breweries as no exception. The small businesses of the New York state craft beer industry, as with many industries, are feeling the impact of necessary restrictions on public gatherings.

The potential short-term and long-term effects of COVID-19 on the state craft beer industry will be dependent on the actions of consumers and business owners, as well as local, state and federal policymakers, according to the New York State Craft Brewers Association (NYSBA) is a nonprofit organization dedicated to supporting the industry through advocacy, education and marketing.

NYSBA is working closely with state policymakers to protect New York’s 5.4 billion-dollar craft beer industry, responsible for 20,000 jobs across the state.

BY RACHEL PHILLIPS

In an area dependent on seasonal tourism, many local business owners are left with questions about what the coming months will bring as the coronavirus pandemic continues. Saratoga Race Course, the allure of Lake George and many local conventions and events such as the Americade bring thousands of people to the area each year, and with them, business for shops, restaurants and services nearby.

Businesses around the country are suffering, some forced to close and others operating on a limited basis.

In an effort to assist small businesses during this time of economic uncertainty, EDC Warren County President Ed Bartholomew, as administrator for the Warren County Local Development Corp., announced that the agency has deferred loan payments for businesses that have existing loan with the agency, for the months of April, May and June. The three months will be added to the back end of their loans, thereby extending the terms by three months.