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Press release details09/09/2003Xero-Fax Relocating Core Opperations to Rensselaer County Troy , NY., September 9, 2003 -- Rensselaer County Economic Development & Planning (RCED&P) announced that Xero-Fax, Inc., a trucking permit procurement service company, has been granted a $200,000 loan from the Job Development Program (JDP). The company will use the loan to acquire the former Matzen Construction facility located on Route 7 in Pittstown, N.Y. Xero-Fax will relocate more than 40 employees from its current facility at 282 Central Avenue in Albany, N.Y. to its new Pittstown facility and create more than 30 additional jobs in the next three years. Xero-Fax will be seeking tenants for the additional retail, warehouse and garage space available. The facility has been vacant for more than a year. The JDP loan program was established by Rensselaer County to stimulate job growth. Businesses that receive JDP funding must create one job for every $25,000 that a company borrows to finance a project. Of the jobs created, more than half of the jobs must be made available to those in low-to-moderate income households. As a recipient of a JDP loan, Xero-Fax is required to create eight new jobs over the next three years. The JDP is a revolving loan program that is funded by the U.S. Department of Housing and Urban Development (HUD) and administered in Rensselaer County by RCED&P. Loan proceeds may be used to acquire fixed assets, purchase inventory, support current accounts receivable and to refinance existing debt. A JDP loan cannot exceed 40 percent of the total project financing. For more information on the Job Development Program, contact RCED&P at 518-270-2914. Contact: Nicole Pitaniello, Media Logic, 518-456-3015 of npit@mlinc.com
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