First Niagara Provides PEC Loan Funds for Rochester Businesses

PathStone Enterprise Center (PEC), based in Rochester, is a non-profit, 501(c)(3) regional Community Development Corporation organized in 1997 and certified as a Community Development Financial Institution (CDFI) by the United States Treasury Department in 1998. PEC is the economic development and lending arm of PathStone Corporation. PEC provides financing for small businesses and homeowners in upstate New York and the west central region of Puerto Rico. These loans are underwritten by PEC staff and approved by a nine member loan committee composed of volunteer community members. PEC is governed by a five member board which meets quarterly to review the overall direction of the organization. PEC services its own loans.

As a way of showing its commitment to Rochester, First Niagara agreed to lend PathStone Enterprise Center (PEC) $500,000 at a low interest rate for an extended term. PEC in turn is relending this money to Rochester-based businesses that are unable to get financing from conventional sources. A significant share of this money will be micro-loans, or business loans of $25,000 and less. These small loans, which are often for start-ups are accompanied by technical assistance and support. Were looking for micro-loan opportunities.
Al Hartsig to Retire

Al Hartsig who brought a wealth of commercial lending experience to the Enterprise Center and has worked here for 15 years will be retiring at the end of May. We wish Al well, and we know that we will be missing his years of experience and steady hand. You can send Al best wishes for a well-deserved retirement at: ahartsig@pathstone.org.
PathStone Enterprise Center Lending

The Enterprise Centers loan committee met to consider six loan applications this month and approved five of them. The loan committee approved: Banana processing equipment for a farm in Puerto Rico for $9,000. A refinance for an East Rochester business that got involved with a high cost lender. Our $165,000 loan will cut their monthly interest costs nearly in half. A new roof on an old established commercial building in the City of Rochester. The owner of the building, who operates his small business out of it, had been unable to get a $25,000 business loan. We welcome referrals and we try to have decisions on all applications within 45-60 days. We look for projects that are feasible, but have trouble getting conventional financing. Our application can be found at www.PathStoneEnterprise.org. Also, applicants can call our staff for feedback on the likelihood of their application being approved.
Call Rochelle Fields at 585-340-3384 or Kayla Jenkins at 585-340-3390.

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PathStone Enterprise Center, Inc. 400 East Avenue Rochester, NY 14607 Phone: (585)-340-3385 Fax: (585)-340-3326 E-mail: hvantol@pathstone.org