PRESS RELEASE

Contact:

Diane G. Pintagro

716-366-2334 ext. 12

FOR IMMEDIATE RELEASE:

Photo Opportunity

Thursday, May 19, 2005

HSBC Bank USA, N.A. Gives Support to CODI with a $25,000 Grant to Sponsor

CODI’s Microenterprise Loan Funds and

Other Economic Development Programs

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 CODIs 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 as a means of providing continued sponsorship over a two year period of CODIs Microenterprise Loan Funds and the various other economic development programs. The $25,000 grant was specifically committed to support CODIs application for funding to the United States Treasury Department’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 Chautauqua 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. CODIs Microenterprise Loan Fund programs have upheld the mission by working with area entrepreneurs and continuing their outreach and assistance to as many residents as possible.

Since January of 2005, CODIs Loan Committee has approved five loans to area entrepreneurs. Of the five loans, two were made to first-time applicants and three were made to previous loan recipients. Shawn Simpson, owner of Simpson’s Lawn Care & Plowing in Frewsburg, NY, and Jennifer Cooper, new owner of Short Stop Beverage & Food Mart in Fredonia, NY, would not have been able to start their businesses without the help of CODI. Steven Carolus, owner of Master Machine, Inc. in Jamestown, NY, Patty Anderson, owner of Pick of the Litter Dog Grooming & Boarding in Falconer, NY, and Hector Cruz of Cruz Enterprises in Dunkirk, NY, 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.

In addition to the loan funds, CODI offers entrepreneurial training which consists of an 8-week training course called “Small Business Essentials”. This is a community-based course that focuses on instilling participants with financial literacy and business development skills. The course is offered twice a year, once in the Spring and once in the Fall, alternating between Dunkirk and Jamestown. The next course will be held in the Jamestown area in the Fall of 2005.

If you are interested in applying for a loan with CODIs Chautauqua Microenterprise Loan Fund or have any questions about the various programs offered, contact Diane Pintagro at 366-2334 ext. 12.

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