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Collection agency gets $250K loan from Power Authority

LOCKPORT – National Recovery Solutions, a Lockport-based debt collection agency, has been approved for a $250,000 loan from a development program funded by the New York Power Authority.

NYPA announced Thursday that the board of the Niagara Economic Development Fund approved the loan that is intended to support 40 existing jobs and allow for the company to create 24 additional jobs over the next few years. The company will apply the money toward a $1.1 million expansion project.

The fund is administered by the Niagara County Development Corp., which is an arm of the county’s Industrial Development Agency. Representatives from NYPA Empire State Development and the City of Niagara Falls also serve on the fund’s board.

NYPA put up $5 million in 1990 to start the fund, aimed at helping to improve Niagara County’s economic climate and to help rebuild its industrial and commercial infrastructure. Nearly $4 million is still available for low-cost loans are provided to businesses for the establishment, maintenance or expansion of plants, facilities or operations in Niagara County.

Nearly $4 million is still available to be loaned to eligible businesses, which can contact the Niagara County IDA to apply: http://www.niagaracountybusiness.com/loans.asp

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