BINGHAMTON, N.Y. — The Agency has a new small-business incentive program that seeks to assist local business owners in “affordably” expanding their operations.
The Agency is the rebranded name of the Broome County Industrial Development Agency (IDA). Its board of directors oversees both the IDA and the Broome County Local Development Corporation (LDC).
The new program will provide an eight-percent, New York state sales-tax exemption and can, “in some circumstances,” also include a one-percent mortgage-recording tax exemption for Broome County businesses with eligible expenses related to a planned purchase or renovation, the Agency said in a news release.
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Such exemptions will result in “increased” cash flow, enabling business owners to make purchases “necessary to expand more affordably,” including the construction of new facilities; expansion and/or renovation of existing facilities; and the purchase of new machinery, equipment or facilities.
“We are constantly looking for ways to help our small-business community improve and grow,” Kevin McLaughlin, executive director of the Agency, said. “This program will help them save some money on the necessary costs to expand their operations.”
Local business owners have provided feedback to the Agency’s staff “about the lack of programs that offer adequate assistance” when smaller businesses want to expand, McLaughlin added.
This program is “aimed at addressing those needs,” according to the release.
Businesses interested in learning more about the program can contact Tom Gray, senior deputy director of operations at the Agency, at (607) 584-9000.
First program client
Steve Miller, owners of Midway Lanes in Vestal, was the new program’s first applicant and first client, the organization said.
With the Agency’s help, Miller plans to remove a bay at the bowling alley and turn it into a recreation area that will include laser tag, a “spin zone,” and video-gaming area.
Miller noted that the “spin zone” addition is the “first of its kind in North America.” He expects to complete the project by mid-August.
“It is something different. It’s unique. And we’re excited to be able to bring it to this market,” Miller said.
He also thanked the Agency for “all the help and guidance” it provided throughout the process.
Contact Reinhardt at ereinhardt@cnybj.com
