Photo Caption (left to right): Yanelly Molina, Paralegal, UMEZ;
John Patane; Kenneth J. Knuckles, President & CEO, UMEZ; and Todd Patane.
Immediate Release: Contact:
18, 2009 Charles
(212) 410-0030 x234
RECEIVES RETAIL INCENTIVE LOAN
New York, N.Y. – Patane Press, a longtime Harlem
printing business received a $50,000 loan as part of the Upper Manhattan Empowerment Zone Development Corp.’s (UMEZ) 125th
Street Pilot Retail Incentive Program.
The family-owned and operated Patane Press
has been in Harlem for 53 years. The loan is being used for costs associated
with its relocation to West 135th Street.
Street Pilot Retail Incentive Program was created to
assist businesses seeking to expand or relocate to portions of 125th
Street or certain Avenues perpendicular to portions of 125th
Street. The program also assists businesses that are seeking to take
advantage of the re-zoning of the 125th Street Commercial Corridor;
it was announced last August.
The incentives under this pilot program are
offered on a “first come and as funds permit basis” to any eligible small
businesses seeking to participate in the program. All incentives will be
structured as loans, with incremental forgiveness over a two year period,
providing all program requirements are met by the participating business.
AREA Property Partners is supplementing the program by providing
matching grants in amounts up to $50,000.
“Patane Press is the prototype of the kind of
local existing businesses which this initiative is intended to assist,” said Kenneth J. Knuckles, UMEZ’s President
& CEO. “Our overall goal is to help ensure that these businesses not only
remain open, but also prosper as we move forward in the coming years.”
This initiative, also known as the
“Forgiveable Loan” program, complements the New York City Economic
Development Corporation’s Harlem Business Assistance Fund, a grant
program also intended to offset some expenses small businesses may incur in
relocating to 125th Street and its vicinity. The HBAF is financed by
New York City Industrial Development Agency and is being administered by
UMEZ on behalf of the City. The $1 million program reimburses businesses for
broker commissions paid in connection with new leases.
For more information about the 125th Street Pilot Retail Incentive
Program and the Harlem Business Assistance Fund visit UMEZ’s website at www.umez.org.
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