Kelly Scarsella, Vice-President
of Community Development for HSBC Bank USA, N.A. and Ellen Luczkowiak,
Vice President and Manager of the HSBC Bank Dunkirk Office recently
presented a check in the amount of $25,000 to Chautauqua Opportunities
for Development, Inc. (CODI) at their offices at 402 Main Street
in Dunkirk. Diane Pintagro, Director of Economic Development
for CODI, accepted the donation.
According to Kelly Scarsella, "HSBC supports CODI's mission to provide
opportunities for new and existing entrepreneurs to grow and invest
in Chautauqua County by providing lending capital, training,
and technical assistance." 
CODI was awarded the $25,000 grant
asa means of providing continued sponsorship over a two year
period of CODI's Microenterprise Loan Funds and the various other
economic development programs. The $25,000 grant was specifically
committed to support COD's application for funding to the United
States Treasure Deparment's Community Development Financial Institution
(CDFI) Fund. This is the second charitable gift that HSBC has
made to CODI in support of their economic development programs.
In May of 2003, HSBC awarded CODI with a grant for $5,000. "Without
the support of area banks and other local funders, we would
not
be able to offer these much needed
services in Chautauqua County. By awarding us this
$25,000 grant, HSBC has played a
vital part in ensuring our viability and continued success. We
are truly grateful for their repeated support" says Pintagro. The mission of CODI is to promote and create economic independence
through business development and opportunities. To accomplish
this mission, CODI offers various programs to area entrepreneurs,
which include the following: the Chautauqua Microenterprise Loan
Fund (CMLF), the Chatuauqua Women & Minority Microenterprise
Loan Fund (WMLF), the Building for business Individual Development
Accounts (IDA), the Small Business Incubator, and the Dunkirk Sheridan Empire Zone (DSEZ). Aside from these programs, CODI
also provides technical assistance and entrepreneurial training.
Through the Microenterprise Loan Fund Programs, CODI makes capital
and technical assistance available to entrepreneurs and start-up
businesses in Chautauqua County to create business opportunities
and employment for low to moderate income individuals. A business
that has 5 (five) or fewer employees, including the owner, will
be eligible for loans ranging from $1,000 to $15,000 with a maximum
term of 5 years. CODI's Microenterprise Loan Fund programs have
upheld the mission by working with area enterers and continuing
their outreach and assistance to as many residents as possible.
Since January of 2005, CODI's Loan Committee has approved five loans
to area entrepreneurs. Of the five loans, two were made to first-time
applicants and tree were made to previous loan recipients. The businesses
were all grateful to CODI for the loans they received
to expand their current businesses. Without the help of CODI,
these area entrepreneurs had nowhere else to turn for help. As
of May 2005, CODI approved and disbursed 47 loans in Chautauqua
County and look forward to many more.
If you are interested in applying for a loan with CODI's Chautauqua
Microenterprise Loan Fund or have any questions about the various
programs offered, contact Diane Pintagro at 255-2334 ext. 12.
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