OK we are back to buffalo means business on this Saturday at new radio 930 WB EN how you doing my name is putting Shula. If there's a local business or local service you would like featured on this very program. Feel free to email me your body at WB yen dec congress is always my favorite hour of the week. Because we get to sit down with that decision makers and local businesses services and and just talk. All about that what's going on here in Western New York. In terms of business and what my favorite guests here is back with us because there's a lot talked about. Steve Weathers who is president and CEO of the EC IAD gain now welcome to the show Steve thank you appreciate you having me on you know many people think the easy ideas part of the Erie county government but it's really not a part of and number explain these yeah ideas relationship to the Erie county government. Okay the Erie county industrial development agency or is there may knows that EC IDA has established back in 1979. And under state law their public authorities which were public authority and a lot of people know the NF TA. Okay transportation authority sort of in that in that same vein. There are. But over a hundred I -- around the state were actually the second largest industrial development agency behind New York city's or were quite large from a financial staffing standpoint. And you're right we're not part of Erie county although the territory that we are really allowed to operating coverage. Is Erie county does the name the Erie county industrial development agency so what. Every locale or city or region has an IDA correct. A little or not necessarily but again there over hundreds so we are counting here. We have EC IDA ourselves and we do have five town IDA's in their set up. And they really offers him the same tax assessment in their jurisdictions over example the Amherst idea a really does business just in the Amherst if there's a project they choose not to do or maybe we can do better because we've greater stamping. Now we can't help to back that couple who chooses to work with a tidy. Really any of the businesses in the recounting. That are looking to expanding gross everything that we do. Is sort of net new it's either net new jobs that's net new investment. Or that noose on square footage of space that they're building. It is sold. I don't think a lot of people understand how the ID and in this case EC idea earlier county. Can help a business. Maybe they don't know hole what it can do that they don't know that it's out there to help them provide aid. First of all tax incentives right you do Brandt correct and you also provide money to lone bright so it really the. I DA usually may have three corporations. Though most people around us here because that's been around so long no the EC idea. And that's the tax incentives side past the public benefit core. The other two are the industrial land development corp which really offers bonds so for example we've offered worker tax free bonding forum. Catholic health and other entities are an easy third large nonprofits can nation's college entities like that. And then we have the regional development corp which is a nonprofit in that dose of raw. Manages our revolving loan fun of a lot twenty million dollars a moment clones anywhere from 101000 up to two million. And so I mean anyone who has a business and Erie county could come to you. Let's talk about the availability of these fox right so a business comes in the door so nobody comes in the door he has a business what we really sit down and you might come to us and talk about EC idea because that's what you know. What we would really do a sit down and find out what your business needs in do the tax incentives apply to what you're looking to do. If you're a large nonprofit with the bonding apply to that or. Typical business corporation. With the lending side so we might apply different financial tools to help you grow to expand retain your employees in retained the you know the economic benefits that you bring to Erie county. What are what are some of the processes hosts say the RDC which is the regional development corporation. Which is the lending arm correct from the Shiite DA. What types of businesses. I notice here from what I'm looking at that you have small business loans like he set 5050000. Dollars and large business loans from 50000. To two million. What are some of the requirements other than they have to be in Erie county. And yet they have to be in Erie county has to be Erie county business. The thing we know with with the Internet and our website I always direct everybody first off go to EC IDA NY dot com. Look at our website is very easy to navigate withers taxes soon source loans or something else and then after that always talk to somebody. In if you if you don't know who call I always teller Benny call Steve while others CEO that's me I'm happy talk to numbering the right members of the team together because we wanna make sure. We're putting our dollars to work in Erie Tony for business growth. And so use you provide funds for what types. Purposes yet whoa what shall what to read about in the paper which is straight to Buffalo News business first overeat job what you read about. The Tim and Tom k.s premium might read about Boston dollar terra cotta or a large companies in true that we do work for those. But what people don't read about because it's probably just not newsworthy is the towing company tunnel Wanda that we looked I think forty some thousand dollars to for new tow truck they were in expand hire people. I dance studio I think was located over on transit. Army could be restaurants. 99 pizza oven I think it's called for the pizza oven. So most people wanna tell them that the kind of shocked to find out that. We a lot of our business is just regular small business mature neighborhood business right here next Ortiz. You provide working capital and things yeah our money is geared toward working capital can be equipment on it can't be real estate you know example might be a the machine shop they wanna buy a new building they're gonna have twenty jobs in their expanding for Nintendo and they only live with that is our loans or Lou typically limited to ten years so. Somebody might not want that if they want a twenty year mortgage. Marleau literally limit to that ten years but we will do that kind of alone. What is a typical business loan interest rate 4% we see matched the bank's so one of the things that people don't aren't aware of that they haven't talked arsenal to the website. Loans that are under 50000 we can do as a standalone loan interest on the money yourselves what what does it mean basic with that means is you're looking to 40000 dollar loan what we like to a company from landscape company a 40000 all we would just do that alone in a room. When you say on your own just I pay you yet committee hear you on hold while we would hold the paper how we hold that debt they make payments to us we don't have to have any other calendars. When you get over that number there were start to talk about colon and self it's a loan of 2030400. Or capital need of San million dollars. Typically there's going to be a bank or two banks involved we would just be one of the calendars so you were you provide electric gap funding correct correct we take more risk than most threes second position in the banks like. To have us involved because they're always first position and have the most secured by being an economic development agency. We usually take the second position on this so we take more risks and loans so again you don't work in competition with banks don't actually Omar lending team goes out and meets from all the bankers and knows them you know first name basis. And a lot of our deal flow come from local bankers wanting us to come into a deal. We're Sagan buddies walked in the door on May be he's got to bank on buffalo or he's gone to Evans or when the other banks and they say this is straight at buddy. On growing middle and youth 500000. Of the 750 you need. They were call us and we might do that other 250. And end date in you do bet on behalf of the consumer of the client and they don't have to get. Involved really in the add or view is that kind of a seamless operation between you in the bank. What what the bank does lots until send us the paperwork declined thirty filling out actually some might be tax returns alone applications we have our own loan application. So I don't wanna say it's the seamless dumb ways let's say we try to make it less painful. IEE you know again age there aren't we we have talked about being in New York State where there's only two. I. Well I don't go to New York City that thing is realized IDA is this is why we have the regional development corp and this is where I think people get confused for a I DA's themselves are not allowed to land grant or give money. And because of state losses that we set up the regional development corporation is a 501 C three separate corporation suffered bylaws separate board. It is allowed to land so that's a way for us to provide the greatest financial support. Two businesses in the recount and then you have the IL DC uses. Part of the EC idea explain that so I'll BC and Austral landed on the corporate side of awhile back same thing it does things that are different. Then the IDA in different from our DC so a couple of things there the IL DC. As a bonding agent so what we'll do is work over the conduit. The pass through for a large nonprofits. That want to issue bonds so it could be Catholic Celtic Kawika nation's college it could be other. On university academic institutions may be their building. Dorms are other buildings and could be just a large nonprofit that's looking to do is refinancing we do those on and on average regular basis. We didn't want a year ago I think it was. For a nonprofit senior retirement now. Because it's a non profit. The other thing LDC does which. People probably heard a little bit about they'll have more about. Is we're looking to purchase a land of the Bethlehem steel site. He with to really bring that land back to life and again landed on the court. To help develop the Atlanta make got a job creating economic. Booster to our economy. Seoul. You have five million dollars I'm reading in the show notes here that you need a loan to businesses in Erie county within the next. Two years now sitting here on this microphone I would think that's a good problem app that you need to alone five million dollars. Explain the deet tails of this is this is something new ranked purposes this is something new in in I guess you would say it's a good problem but it's still an issue for us in the issue here. Is this is all but over five million dollars that was locked up by federal rules about twenty years ago. In none of the idea boards and on the elected officials nobody really could free this money up it was sitting in the bank and we were not allowed to use it. About a year ago mark county executive mark Paula cars took it upon himself to start working with senator Chuck Schumer. In those two individuals went through a process in were able to get. The federal process sort of unlocked and broke the logjam so I really would credit. With freeing that money out so now it's on us to lend them money. So over the next two years we really and that's on the reasons are on the show today it'll let business in this community no small medium and large business. We have capital to land and we really have an obligation to put that money to work for business here in Erie county so everywhere. Say you're really looking children five million dollars. To their appropriate yes we are yes yes and we. I think it's worth it in ten times right because we are leveraging that with other private investment or with fake money you're really gets leveraged up it means big scheme I think it doesn't sound like a lot. But think about if you're going to a bank for a million dollar alone in the Alon U. Let's say 900 and we make the 100000 dollar gap if you add all that other leveraged caches can be in the tens of millions of additional capital or putting to work. And maybe tens of hundreds of new jobs but also. You know again to reiterate. You do not have to be working with the bank to talk to the CA GA or the RD day. Because for loans of 50000 dollars and lasts they could talk directly to rank and what what the. What we do because again we are not allowed to compete with the banks. So silly walks into the bank they want to start their dance studio and the banks as you know we're metal and do the 45000 for that they have to get what they called off a letter of explanation based his letter does the bank is declining human right. Once that banks declined in and we are sort of officially freedom to go and work with him if we choose to make them alone. Because if there are a bankable client for that amount. We're really not allowed to lend them money we do what the money to be live by the banks that believes the right thing right but for those businesses that are on the cusp a little tougher. Well maybe there newer startup small service company that's who were there to support I think this is. An amazing opportunity. Here in in your economy. To have access to the CIA DA in the air DC. You don't to get money minimum loans of 50000 dollars maximum two million interest rates currently fixed at 4%. That's that's pretty good there are some of the quick facts about this like a job must be created for every 50000 now. Right we have metric in there by the again the federal rules one job for every 50000. We think about a small company may be you're the owner on your gonna borrow this money your only gonna hire one person. On the tip of his why your borrowing money could your growing your company. So that's really not a tough metric to meet on me one of the reasons were on the on the show today in on your listeners are out there. Is to talk to them if they're part of a business group the robberies that chambers. Any group or business people are associated we'd love to come on speak to them talk Lula about what we're doing because. We do have an obligation to put this money to work. And Europe your loan terms generally range from five to ten years. Yeah alone charging using five to ten years we really don't go beyond that against them there's some federal rules or regulations there on somebody might. By some kind of a property but they wanted to or refi after so many years to build some equity in the property whenever might be. On some people pay out the loans early 'cause they're very successful which is good we like to its lowest paid off but then we still on the obligation to put that money right back to work in the community. So we're here we're Steve weather's president and CEO role of the EC I Ain T me it's always. A pleasure to have Steve on the show because again he's just. Interested in you know growth. In Erie county in business and if you would like to get a hold of the CID day to talk about this because I think it would probably help of some was interested. In what we're talking about right now. This is where you can have 121 conversation with your team. You have to wonder what conversation of myself for anybody in our team and again I always encourage everybody. One of the things that I like with our website or others I don't like Moussaoui says call an 800 number although we probably have but I like nobody talked to. So if they're not sure would ask for go to the web site on you can always email me it's he Weathers or you can call and ask for me and I'll make sure the right members of the team are talking to you. The website to the CI DEA is EC ABA and wide dot com EC IDA and why Dak town. Or you can call limit 858. 6525716858. 6525. When someone calls you and you set up a meeting with them to discuss. You know what they may need financially and how you may be able to help. What what should they be. Prepared way to get at the very first meeting I just owned us this come on in let's have a conversation you don't need to bring paper or core tax returns or any of the six. My conversation with them is usually starts on the phone. McGinley as you buddies example you call your interest and hobby come down. And one of those little bit in my view what your interest this. That I may bring a few of the team members in that meeting we'll have a little bit more in depth conversation and we'll figure out within that one hour. Are we able to help you. If we are able to help you Kimmel start a process. If for not then you spent one hour of your time recent one hour and we're down we go we go about our day. What I don't like is. To me is still we went on with the slow maybe. We don't want this to be drug out for weeks on name where you don't know whether we're gonna do something in mobile kind of explain the process to use the link that time. Online or talk about loans but tax incentives for example if you were coming for tax incentive. That could be two to three month process there's a lot of steps that we go through and I wanna make sure client is aware of their of that expectation that it's gonna happen tomorrow. Yeah what about fees. Our fees actually I know on taxes those we have a thousand dollar fee are loan fees site I think are anywhere from 500 to a thousand or really are fees are fairly minimal. Because again we're not there is a for profit bank where there's economic development entity. And it's something I want somebody to pay fear get into this process if we're not really sure it's gonna go through we need to know that we're gonna do this this business let's talk about minority owned businesses. And and how they me. Qualify for some special terms Del Rio we push a lot for women and minority. Companies in this area we do a lot with in my. That we wanna make we don't want anybody to feel like they can access the capital we have so we make kind of extra efforts to. Get into whatever organization we can again it's a business organization. Now we can talk about what's what's available out there and that's why used examples of we being loaned to a my gentlemen a minority that's in the landscape distance. The people with think what jets kind of a small business that's exactly right to very small business on he's very successful and we want to make sure we support him. And you take higher risks. We take higher risks because he were not for profit think we don't have shareholders. The home we don't have the same federal regs as the as the bank and we don't have to really worry about reporting to that bank. Board of directors although we do have a board of directors we don't wanna make bad loans. But it's very typical for us to take on more risk or second position. How do business loans fit in to the mission of the IDA. You know our mission is to grow and expand the economy here so we do that again through these three entities it's either tax credits are funding so. When I talked a group and their there's a lot complicated process and trying to explain to him simply what I tellem is there were related capital house. We're all about capital so you walk in the door were either gonna look to EC IDA as a mechanism for you to not pay out capital. Did pay that sales tax certain that a waiver or might be to make a loan taken by that piece of equipment. Where feral arsenal profit in my. Where were just a non bank financial institution. You know asking us. We have Brenda in the room my apprentice for a friend of mine and you have a small business I mean in your your ears sitting around listening to this act tomorrow we're here for a second on. I mean does does what we're saying here makes sense to you as you know you just have to be in the room for something. Well I was head down and ask Steve about five years ago are absolutely. I think it's terrific that you're not at a bank. And that you can help people as a secondary source I think it's great I mean as a small business owner what do you thing that you would you would talk to Steve about a few days if you knew that. I think the first person for process compiling their business. Report the business plan. And just getting some input and because it sounds to me acute TO at businesses of every type Briscoe. Right their service businesses to manufacturing we have an innovation tech clone where they might be on. Some people over 43 north so they might appease her clients either they have 1:40 eastern north competition or maybe they didn't. But they still might come to us for capital. Very you know it's invaluable information Biden we are so we've my husband and I own a liquor store and we are starting. There's a million questions asked and we need every sort of copy can imagine it's now four years later we hit a little bit of a handle on it but there's always things to learn and people like you to call upon. It you know those who say there's. And meeting last week in the tournament small business and everybody went on when the question was what's the number one thing for small business or any business and it was access to capital. So that's really we don't to workforce training. We don't issue permits for your building. We don't install infrastructure you know I mean landed on the does develop but for the most part its capital. Naturally what we are about so that's the number one business news every small business and Erie county should talk to these here idea about what we can do support them how important is collateral. We we will take collateral but what we really look at his house this long going to be paid. While we have collateral if we had to close on something and what are we gonna do with this clutter so are really mind means they when I look at this collateral score part of the work arm. What's the source of repayment is that a viable business other resources repayment we have a loaned a small business or while back here or start a very small along with smaller. They still worked a full time job so one of the the pay backs is that they have a job that if this didn't work they could still pay their home back. They have a source of repayment. So we we like that Cuba that was they miss a couple if it was actually two couples coming together started business's accounting legacy. What what advice would you give to a small business. The do you do new businesses and grace oh. If it's a new business what what advice do you give to seven who has a dream. Who wants to build a business. And and who just may pick up the phone and call you and say Steve you know as the sun and Jim on the radio you know I'd like to how can you help me what. What should what should these small business owners know. Am probably the first thing which you know I always have a hard time overcoming if someone tries something new is is they need to get over the fear of calling us as. The answer might be known in that that does happen from time to time but I think if we sit down maybe their other resources of capital we can access and I give you an example little bit off topic rhetoric and around capitol. About a year ago we hired to grant writer. And the idea of a grant writer is to have access grants that it's not really loans that's different kinds of money. In so in this past year we've received about 780000. In grants. But that's not for us one of those grants of 300000. Went to the village of Angola. So the villagers try to do something they need to capitol they're very small village they don't have access to higher this grant writer. They did pay us. But in two days Bagram I wrote the grand it was submitted and this community for very small amount of couple won a 300000 dollar grant. So there's new capital that's coming in our community that they can put to work. Think it's amazing preaching more so yeah so it's really about other ways that we can access capital may not be our capital and maybe somebody else's but. Literally like saying no. I AM buddies you know what I try to do is sit down some audience at anybody my answer is yes what's the question yeah in the Starr with that kind of attitude. You guys you guys I would encourage anybody who's listening right now it was relating to anything we're saying about. Whether it be tax incentives rather be giving alone. You know I'll tell it DCI DNA is really. Is really some when you wanna talk to. Because you know it's it's it's kind of as a straightforward. And I think everybody should should be talking to frankly. The number's 85665258566525. Where you were Steve weather's Steve is the president. And the CEO of the eerie how money. Idea aid and debt that is EC I'd yea and why. Dot com. You're right and Perry street so UCL a development going on downtown just at all. Yeah yeah we actually adaptive reuse program going on it's been ongoing for about eight years has probably been fifty projects go through that. -- a study done right now and again this is the kind of world were and in this new jobs and some people that are listing might be aware of Sony's adaptor for use projects Lothian tells a good example people Plano that. In their nerves 500 Seneca and actually the building ran in 95 Perry street. But what that study's going to show on which we need to keep a secret but I guess we can't answer on the air right. It is what's gonna show us are the adapter previous program put in by the Erie county idea board of directors yet to give the board of directors to county executive and the others on the report full credit. Is on going to be seen in the study as if not the best one of the best adaptive reuse programs in the entire country. So maybe that'll be used as a template rights of people wanna be proud of something there's a great example have as how this I'd DA has brought back fifty buildings that were dilapidated old and brought no economic value. And now the all pro running with new jobs and in new economic benefit and a high end. They skew them my higher tax rates or other putting more under the tax rolls for the public entities. You have an awesome website so if you did that catch all the information. That you needed to hear on the show here. Again go to the web said the EC IDA and wide dot com you can even fill out applications. You yeah we have applications on line like I say what I would like people to do with. Take a look at a time look at it but I don't want them to spend weeks on end. And then maybe we can do something as to toughest talk to a sit down we're happy to settlement anybody. Think the biggest. Maybe I'm misunderstanding her or no mistake that. People read about these big deals in the paper and he's here DA it again the maternity Simoneau is big deals harbor senator. What they don't realize is we don't want a small business so if they call us I mean blood tests they do call they find out while. I'm a small business with two employees in the CEO sit down let me run in the team you're just as important to us as any business here. I mean I've got to tell idea I know at least who businesses who have been around buffalo means business. Who. You know. Found out about whom. And you have work to it and you have gotten funds. Now or for their project and I fed let's just call me Sam heard you on the show on Saturday from economy review we sit down with that inevitably they say the same think while you you actually did meet with us. We said we would name where people of our word and we'll meet we'll do what we can't help your business that's that's what we get paid to do just one more question like in 2016. How many loans you actually do. Oh boy. I'm gonna say we've I don't know exact number I think we did around four million in loans. So I think you know eight to ten it really varies year to year right now so far this year we're in March and I think we've already let me be over a million and half dollars ten K and ten the regular consumer and someone drive around listening right now when they go to the website can be seeded different types of loans or absolutely out there were very again being a public authority were very transparent CME our web sites very deep and information. I wanna things will typically do is sit with somebody therapy a business and look at our history he lets use the dance studio for example. We had never done that before so we went through we like the loan we like the person we think he knew their doing they had experienced. They had never actually done this on their own before. But they had been an ad business and so we you know we said hey we want this the kind of business and wanna help. That's awesome its story but he paper and I think it's phenomenal on ice earlier for things to be parity to fair part of our community. Steve whether it's president CEO of the EC ID eight check them out online. And I take EC ID. Some of the deals that they've done maybe it's a friend or neighbor that has worked with these unity before. But to find that out on the website or call them directly at 8586525. Steve you said it best Africa. Precision. With you guys have a conversation because if we can't help usually we can find somebody SBA or others that they may not have access to. And I have a thing we talked about for a call no wrong door. The ideas some becomes to me I don't wanna just turn them all away I wanna make sure we get them to the right person to help their business Wear them IP. And and if you can't kind of up placed to put that five million the TF Poland out and it allowed to be by addressing. A group photos. We'll take your application essay and it's it's always good Evian and shows you thank you very much take you very much the EC ID EA. Always a great place to go after thinking about needing money and tax incentives. You should talk to these folks for sure a tax exempt bond financing. All like and itself go to the website or call him. Again phone number's 85665. Point five will be back with Saban number two buffalo means business on news radio 930 WB Ian.