LOUSIVILLE – The St. Lawrence River Valley Redevelopment Agency approved the allocation of $100,000 to the Ansen Corporation Tuesday.
The Ansen Corporation, Ogdensburg, is a global electronics design and manufacturing company with locations across the United States and China. The corporations Ogdensburg firm has been open for over 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 allocation of $100,000 will be matched by NBT Bank. NBT Bank will manage the shared line of credit provided to Ansen.
One of our goals is 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 Corporation, Mr. Kelly said. The fund currently stands at over $13 million.
The River Agency annually allocates 5 percent of its development fund towards local community development projects. The Agency has allocated up to $622,000 for this years program. The agency 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 $50,000.