Ronald P. Romano, President and CEO
Jennifer Lawrence, Editor
Preferred Sourceline Contents
NEW Loan Program To Support Services Expansion, Matching Grants For Products Continues
Growing jobs for New Yorkers with disabilities during these challenging economic times is the thrust behind a new Interest-Free Revolving Loan Fund for member agencies* looking to develop a new or expand an existing Preferred Source service offering. “We’ve introduced this new financial support measure with full Board of Directors approval to further job creation,” said Ron Romano, President & CEO. “We’re hoping to assist members in diversifying their businesses, and help others take on a first Preferred Source service contract. In either case, job creation is the desired outcome which speaks to the missions we all undertake each day.”
Very simply, members can borrow up to 50% of the required funding of a project, not to exceed $50,000, for a maximum of five years interest-free! What’s more, NYSID will absorb the first year of the loan repayment, so that ultimately members repay 80% of the borrowed amount in years 2-5. The loans may be used to assist with a portion of the costs that are incurred in performing Preferred Source services, including new equipment, supplies, transportation, and the initial cash flow (up to six months) to cover payroll.
In prior years, NYSID provided financial assistance to members looking to strengthen their manufacturing operation in the form of a matching grant. Over the years, a number of members received financial support, and here’s a recent example of how the program works:
Out in the scenic Finger Lakes region of NYS, Ontario County Chapter NYSARC, Inc. has bottled aloe body wash, skin lotion, tearless shampoo, geriatric shampoo, and bath oil products for Preferred Source customers for more than 25 years. The bottling process traditionally involved a filling and capping assembly line, using 23-year-old equipment that had clearly become unwieldy over time. For instance, in order for the machine operator to manipulate the pneumatic fill heads after the initial fill, the supervisor would need to be involved. The aging machine had become a major stumbling block to many individuals in Ontario’s newly restructured Pathways vocational program succeeding as productive workers.
A few months ago, Ontario identified an easier-to-use machine that would not only increase overall efficiency in meeting customer demand for product, but would allow even those with the most employment challenges to take part in the production line. New state-of-the-art equipment would enable Pathways participants to gain greater work skills, boost their confidence and lead them to eventually becoming competitively employed. To that end, we awarded Ontario a matching grant of $12,000, the machine was purchased and arrived in late August, and the Pathways vocational program is now operating at peak efficiency and advancing skill sets – a job creation win-win for all involved.
“Ontario NYSARC was thrilled by NYSID’s support towards fulfilling a mutual mission of creating greater opportunities for people with developmental disabilities to be productive,” stated Michele Wistner, Director of Employment Services.
At this writing, several members are already looking into NYSID financial support to strengthen their businesses in order to grow jobs. If you’d like to learn more, please contact Ron Romano at firstname.lastname@example.org or 800-221-5994.
* Loans will be made to traditional members only, this excludes Corporate Partners.