Department of Small Business Services (SBS) Commissioner Robert W. Walsh today announced that from July 1, 2003 to June 30, 2004, SBS granted the Energy Cost Savings Program benefit (ECSP) to 76 companies which employ over 4,500 people. ECSP encourages companies to grow in New York City by reducing regulated energy costs to eligible businesses that relocate to or within the City or make capital improvements to their property.
"The Energy Cost Savings Program, currently being received by over 900 companies across all five boroughs, providing roughly $30 million in savings, is another example of how the Bloomberg administration is making it easier for businesses to grow in New York City," said SBS Commissioner Robert W. Walsh. "New York City's more than 200,000 small businesses dominate every sector and shoulder the lion's share of the City's economy, accounting for 98 percent of all businesses and more than half of the private sector workforce. The City's incentives programs are designed to help these businesses defray expenses such as those associated with energy and relocation. In keeping these costs low, businesses are able to stay competitive and expand, impacting thousands of jobs and playing a pivotal role in the City's economy."
Arrow Linen Supply Co., a commercial launderer operating out of Park Slope, Brooklyn, and a family-owned business for 57 years, saves over $100,000 annually through ECSP benefits. Frank Park, a company spokesperson, said this savings prevented Arrow Linen, which employs over 100 people, from leaving the City. "For someone like us, this savings has enabled us to stay in New York where our business is. Without the benefits, we were seriously considering moving to Long Island or New Jersey," said Mr. Park.
ECSP can reduce the delivery costs of electricity bills by up to 45% and the delivery cost of natural gas bills by up to 35%. The reduction is available for 12 years. Firms that operate within properties that have made capital investments may also qualify for the program.
ECSP is one of a handful of business incentive programs administered by SBS that are designed to encourage small business formation and growth across all five boroughs. Other programs include the Printers Relocation Fund, which provides relocation assistance to commercial printers and graphic arts companies, and the Lower Manhattan Energy Program, which provides energy discounts to commercial tenants located in eligible buildings in Lower Manhattan. SBS also oversees the City's 10 Empire Zones, which encourage development in designated areas by offering significant incentives in the form of employment, investment, real property, sales and wage tax credits, as well as utility discounts. More information about these programs can be obtained by calling 311 or visiting www.nyc.gov.
The Department of Small Business Services makes it easier for companies in New York City to form, do business and grow by providing direct assistance to business owners, fostering neighborhood development in commercial districts, promoting financial and economic opportunity among minority- and women-owned businesses, preparing New Yorkers for jobs and linking employers with a skilled and qualified workforce.