Department of Small Business Services (SBS) Commissioner Robert W. Walsh today announced that from July 1, 2004 to September 30, 2004, SBS granted the Energy Cost Savings Program benefit (ECSP) to 20 companies in New York City that employ over 2,300 people. All together, these companies will save almost $450,000 annually.
"The Energy Cost Savings Program, currently being received by over 900 companies across all five boroughs, providing over $30 million in savings, is another example of how the Bloomberg administration is making it easier for small businesses to grow in New York City," said SBS Commissioner Robert W. Walsh. "The City's incentives programs are designed to help these businesses defray expenses associated with energy and relocation. By keeping costs low, businesses are able to stay competitive and expand, creating jobs and contributing to the City's economy."
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. This important tax incentive 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.
Rocco Damato, CEO of A.L. Bazzini Co., Inc. in the Bronx invested nearly $190,000 in his company and is receiving a savings of over $35,000 through the ECSP. "Energy costs can be extraordinarily high, especially in manufacturing," said Damato. "For my company, this benefit levels the playing field by keeping costs reasonable and keeps us competitive in the area which is our marketplace. In addition, by choosing to locate in New York City, we have access to a better workforce and a close proximity to our customer base. Since moving the company's operations to the Bronx from North Carolina and Lower Manhattan seven years ago, we've grown by over 60 percent."
The latest 20 companies approved for ECSP are:
- Affinity Health Plan, Bronx, NY
- A.J. Edson Corp., Queens, NY
- A.L. Bazzini Co., Inc., Bronx, NY
- The Bank of New York, Brooklyn, NY
- Casa Building Materials, Inc., Bronx, NY
- Economy Pump & Motor Repair, Inc., Queens, NY
- Exel Global Logistics, Queens, NY
- Four Brothers Realty, New York, NY
- Gelmart Industries, Inc., Queens, NY
- Glass Form Production, Inc., Bronx, NY
- Hankyu International Transport ( USA) Inc., Queens, NY
- H. Fox & Co., Inc., Brooklyn, NY
- Hutch Realty Partners, LLC, Bronx, NY
- Loehmann's, Inc., Bronx, NY
- Nippon Express, USA, Queens, NY
- Nurge Avenue Holding Corp., Queens, NY
- Sahadi Fine Foods, Inc., Brooklyn, NY
- Solco Plumbing Supply, Inc., Bronx, NY
- Spar Knitwear, Inc., Queens, NY
- United Federation of Teachers, Queens, NY
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.