Ontario County Economic Development Corp. Assists Info Directions with $3.5 Million Upgrade Project
EDC provides $300,000 loan to help software company create 23 new jobs —
CANANDAIGUA, N.Y., July 13, 2010 — The Ontario County Economic Development Corp. (OCEDC), a not-for-profit corporation formed earlier this year to co-manage the County’s Revolving Loan Fund, has approved a $300,000 loan to local software firm Info Directions.
The loan, which closed in late June, will assist the Victor-based company with a $3.5 million investment in a major software upgrade and back-up data center project, creating 23 new jobs and retaining 26 positions.
“This is exactly the kind of private investment that the EDC wants to encourage in Ontario County,” said OCEDC Chairman Joe Bridgeford. “Info Directions is a great high-tech company and we’re proud to support their expansion and the job growth it provides in our community.”
Founded in 1996, Info Directions is a leading developer of operations and billing software for the telecommunications industry.
“Thanks to the Ontario County Economic Development Corp., our company is able to move forward with the development of major software upgrades to benefit our telecom-industry customers,” CEO Donald Culeton said. “As many in the Rochester Region know, the telecom industry is one of the most competitive industries in the world. Every investment that we make allows our company to remain at the industry’s cutting edge and create new jobs right here in Ontario County.”
The loan to Info Directions is one of six loans that the OCEDC has approved since its inception in January. The 11-member board has also approved the following:
$150,000 loan to Kanandarque/Chosen Spot for a new microbrewery business in Hopewell creating 5 jobs
$110,000 loan to Crosman Corp. to help the company in-source a manufacturing line from China to its East Bloomfield plant, retaining 50 jobs
$350,000 loan to Victor-based Newtex Industries to assist with the purchase of equipment for a new product line that will create 11 jobs
$500,000 loan to Hazlitt’s 1852 Vineyards for the acquisition and renovation of the former Widmer facility in Naples, which is expected to create 25 new jobs
$439,000 loan to Infotonics Technology Center for the acquisition of new clean room chilling equipment, slated to create 15 new jobs
The more than $1.8 million in financial assistance that the OCEDC has provided to local companies comes from monies that the County received through the U.S. Department of Housing and Urban Development’s Community Development Block Grant (CDBG) program.
Economic Developer Mike Manikowski, chief executive officer of the OCEDC, said that $1.8 million in CDBG monies has, in turn, leveraged more than $10.2 million in private investment on the part of the companies.
“That equates to a return on investment of more than 6 to 1, an excellent ROI by any standard and evidence that federal tax dollars are hard at work promoting economic development in Ontario County,” he said.
For more information about the OCEDC, please contact the County’s Office of Economic Development at 585-396-4460 or visit http://www.ontariocountydev.org.