MASSENA The St. Lawrence River Valley Redevelopment Agency on Tuesday approved the allocation of $100,000 to the Ansen Corp.
Ansen is an electronics design and manufacturing company with locations across the United States and China. The corporations Ogdensburg site has been open for more than 10 years.
The RVRDA seeks to actively participate in economic development projects which result in the creation of jobs, said St. Lawrence County Industrial Development Agency CEO Patrick J. Kelly. This year, Ansen added over 50 jobs. This funding assistance will provide working capital assistance to the corporation in support of their business in Ogdensburg.
The $100,000 will be matched by NBT Bank, which will manage the shared line of credit provided to Ansen.
One of our goals has been to leverage outside funding sources from local banking institutions, Mr. Kelly said. Partnering with the NBT is creative, considering whats out there.
The project will be funded through the river agencys development fund after it is approved by the IDA and Local Development Corp., Mr. Kelly said. The fund stands at more than $13 million.
The river agency annually devotes 5 percent of its development fund to local community development projects. The agency has allocated up to $622,000 for this years program.
It allocated $476,052 for 11 economic development projects in May and $95,000 to the Ogdensburg Bridge and Port Authority in April. Mr. Kelly said the board will decide next month whether it will allocate the remaining $50,948.