A move in Albany to increase the lifetime cap on the amount a company can borrow through a state program was approved in the Assembly in the 2018 legislative session, but has been stalled in the Senate. Assemblyman Robin Schimminger of Kenmore sponsored the bill at the request of Empire State Development. It calls for increasing the lifetime cap on the amount a company may borrow through the state’s Excelsior Linked Deposit Program. The LDP leverages low-interest loans to small and medium sized businesses in New York State from participating lenders, which in turn receive state deposits that earn a comparably reduced rate of return. It allows companies to expand or improve through financially stable investments.

Assemblyman Schimminger noted that 71 companies have already reached the lifetime maximum of $2 million under the program. His bill would increase that lifetime maximum to $5 million.

The Excelsior Linked Deposit Program is available to manufacturers with 500 or fewer full-time employees in New York State, as well as service businesses that are independently owned and have 100 or fewer full-time employees in the state. Empire State Development must approve the eligibility of the project and most businesses qualify for an interest rate reduction of up to 2 percent. There are currently 74 lenders participating in the program.

Schimminger notes, “Small businesses already face a variety of unique challenges… and it is imperative they continue to thrive.”

This measure received bipartisan support in the State Assembly where it was approved 139-2. Local Assemblyman Andrew Goodell voted for it. A companion bill was cosponsored by Senator Cathy Young, but did not come to the floor for a vote during this past legislative session. As New York State works towards become more business friendly we hope this bill will be considered again in the next legislative session.

HANOVER CHAMBER

SPONSORS JULY 3RD CONCERT

The Hanover Community Chamber of Commerce will once again host live music for the July 3rd fireworks display at Borrello Park this year. The band is Second Street Sunset and the music will start at 6:30 p.m. and run until the fireworks show at dusk. Vendors will be on hand with food and drinks. Everyone is welcome to attend this great evening of free music and fireworks!

MAYVILLE ENTERTAINMENT

IN THE PARK SERIES BEGINS JULY 5TH

The Mayville-Chautauqua Community Chamber of Commerce begins its summer long Entertainment in the Park series on Thursday, July 5, with local favorite Jackson Rohm. Concerts will take place each Thursday through July and August from 6:30-8:30 p.m. at Lakeside Park in Mayville. Bring a lawn chair and enjoy an evening of free entertainment!

WESTFIELD FIRST FRIDAY IS JULY 6

The Westfield-Barcelona Community Chamber of Commerce will hold its next First Friday event on July 6 on Main Street. These street fair style events feature live music, kids games, wine, food, vendors, and much more, and are held from 5-8 p.m. on the first Friday of each month during the summer, through September.

This year there is something new to enjoy! The Westfield-Barcelona Community Chamber of Commerce developed the Westfield Fish initiative to celebrate the Westfield-Barcelona fishing industry and demonstrate community involvement. More than 80 businesses and individuals purchased and decorated large fish plaques and they are on display through the summer in the village and the hamlet of Barcelona. You can find the complete interactive map of fish locations at https://westfieldny.com/doing-business/westfield-fish-2018.

GET THE EARLY BIRD SPECIAL FOR

CHAMBER GOLF TOURNAMENT BY JULY 12

You can play where the pros play! The Chautauqua County Chamber of Commerce will once again hold its annual Golf Tournament at Peek’n Peak Resort in Clymer. It will be held Thursday, Aug. 16 with a shotgun start at 11 a.m. Sign up early for a special discount that saves $25 per player!

The 2018 Chamber Golf Tournament is sponsored by DFT Communications, Bush Industries, Community Bank, County of Chautauqua Industrial Development Agency, Insurance Management Company, Jamestown Mattress Company, Koester Associates, Lake Shore Savings Bank, Lawley Insurance, Lynn Development, National Fuel Gas Distribution Corporation, National Grid, Nestle Purina PetCare, OBSERVER, The Post-Journal and Shults Auto Group. A portion of the proceeds will benefit the Tom Baressi Scholarship Fund through the Northern Chautauqua Community Foundation.

The Early Bird Registration deadline is July 12. For more information or to register, call the Chamber at 366-6200 or 484-1101 or register online at www.chautauquachamber.org/events.

BUSINESS AFTER HOURS PREVIEW

AT THE FAIRGROUNDS IS JULY 12

The Dunkirk Community Chamber of Commerce and Chautauqua County Chamber of Commerce jointly invite you to attend our popular annual networking preview at the County Fairgrounds. This Business After Hours event will be held from 5-6:30 p.m., Thursday, July 12 at the Fairgrounds on Central Avenue, Dunkirk. Enjoy fair food, beer, and wine slushies all for the price of your admission at $15 for Chamber members or $18 each for prospective members.

This Business After Hours event is sponsored by David Snow State Farm Agent, DFT Communications, Jamestown Jammers, KeyBank, Lawley Insurance, Nestle Purina PetCare, Northwest Arena, OBSERVER, The Post-Journal, Putnam Record Insurance Agency, and WJTN/WWSE/WKSN/WHUG/WQFX. Call now to make reservations at 366-6200 or 484-1101 or sign up online at www.chautauquachamber.org/events.