PATANE PRESS RECEIVES RETAIL INCENTIVE LOAN

 New York, N.Y. – Patane Press, a longtime Harlem printing business received a $50,000 loan as part of the Upper Manhattan Empowerment Zone Development Corp.’s (UMEZ) 125^th Street Pilot Retail Incentive Program.

 The family-owned and operated Patane Press has been in Harlem for 53 years.   The loan is being used for costs associated with its relocation to West 135^th Street.

      The 125^th Street Pilot Retail Incentive Program was created to assist businesses seeking to expand or relocate to portions of 125^th Street or certain Avenues perpendicular to portions of 125^th Street.  The program also assists businesses that are seeking to take advantage of the re-zoning of the 125^th Street Commercial Corridor; it was announced last August.

 The incentives under this pilot program are offered on a “first come and as funds permit basis” to any eligible small businesses seeking to participate in the program.  All incentives will be structured as loans, with incremental forgiveness over a two year period, providing all program requirements are met by the participating business.  AREA Property Partners is supplementing the program by providing matching grants in amounts up to $50,000.

 “Patane Press is the prototype of the kind of local existing businesses which this initiative is intended to assist,” said Kenneth J. Knuckles, UMEZ’s President & CEO. “Our overall goal is to help ensure that these businesses not only remain open, but also prosper as we move forward in the coming years.” 

 This initiative, also known as the “Forgiveable Loan” program, complements the New York City Economic Development Corporation’s Harlem Business Assistance Fund, a grant program also intended to offset some expenses small businesses may incur in relocating to 125^th Street and its vicinity. The HBAF is financed by New York City Industrial Development Agency and is being administered by UMEZ on behalf of the City. The $1 million program reimburses businesses for broker commissions paid in connection with new leases.

            For more information about the 125^th Street Pilot Retail Incentive Program and the Harlem Business Assistance Fund visit UMEZ’s website at www.umez.org.

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