Week in Review: September 14 – September 18, 2020
Stay up-to-date on business and economic development happenings in the Capital Region with the CEG Economic Development Week in Review. Don’t miss out on the developments that are transforming the region by following us on:
CEG IN THE NEWS
Troy Record: Questar III recognized for its Video Gaming Program
Niagara Frontier: $2.3 million in CARES Act funding awarded to help small & mid-sized manufacturers recover from COVID-19
Altamont Enterprise: Federal and state programs aim to heal the hurt caused by the pandemic
Plant Services: Feds award $1.15M to aid small- and mid-sized manufacturers
Albany Business Review: Capital Region Chamber, Center for Economic Growth agree to affiliate
REGIONAL ECONOMIC DEVELOPMENT NEWS
Mike Groves starts Papa Bear Software to have ‘high impact’ on startups
“A little over a year after he founded software development company Papa Bear Software, Mike Groves was getting ready to sign his biggest deal yet. And then the Covid-19 pandemic hit.
He immediately reached out to all of his clients, including the potential new one.”
Legislation aims to help local entertainment community
“Entertainment industry representatives and supporters are on a mission to help local venues struggling to survive the economic effects of the COVID-19 pandemic with the Save Our Stages Act.
U.S. Senator Charles E. Schumer, a cosponsor of the bipartisan legislation, visited The Palace Theatre in Albany recently to warn that independent music venues throughout the Capital Region and the rest of the state face an uncertain future without dedicated federal assistance.”
New farm-to-table store The Local opens in Cohoes
“Local entrepreneur Kelsey Knutsen has expanded her business in downtown Cohoes.
Last year saw the successful opening of Cafe Monocle, and on Wednesday morning Knutsen hosted a grand opening and ribbon cutting for her second store, The Local.”
In year without state’s $750M competition, CREDC’s focus is getting region back on track
“New York’s 10th annual Regional Economic Development Council competition — where the state invests $750 million in projects from Buffalo to Long island —is not happening in 2020, but the regional councils are still meeting to figure out how to move the economy forward following the Covid-19 pandemic.
In a normal year, the regional councils and the state host informational sessions in the spring for companies interested in applying. Applications are due in the summer. Then the councils, which are made up of local leaders, sort through the applicants and decide which projects they will submit for money in the fall. The state normally announces the winners in December.”
New Jersey developer to bring retail distribution center, 125 jobs to Saratoga County
“Monmouth Real Estate Investment Corp. plans to convert a vacant 75,000-square-foot medical warehouse in Halfmoon into a retail distribution center that will employ 125 people.
The New Jersey real estate investment trust has a new tenant lined up for 4 Liebich Lane, the 9-year-old warehouse and office building it constructed in 2012 for Cardinal Health. The building has been vacant since the supplier of diabetic and incontinence products moved out three years ago, eliminating 37 jobs.”
Pandemic prompted growth for Inspect Point, now it plans to double revenue
“The Troy software startup Inspect Point has been busy during the pandemic, and it’s only the beginning of some ambitious growth plans.
Inspect Point, whose software allows fire protection companies to manage nearly every part of their inspection and repair operations virtually, has seen 30% revenue growth during the Covid-19 pandemic, according to Jennifer Doyle, co-founder and head of customer relations for the company.”
Manufacturing center proposed for Hudson
“A new initiative called Made in Hudson plans to bring a socially conscious manufacturing center to the city.
The initiative is facilitated by the Hudson Community Incubator, a membership-based network that provides mentorship, training and services for entrepreneurs.”
Saratoga startup Free Form Fibers nearly ready to sell product a decade in the making
“The Saratoga Springs startup Free Form Fibers is just about ready to sell the product it has been developing since 2009.
The company’s technology creates ceramic fibers that can be used to make durable parts for the nuclear and aviation industries.”
College of Pharmacy launches degree program for biopharma industry
“The Albany College of Pharmacy and Health Sciences has launched a new professional science master’s degree program at its Center for Biopharmaceutical Education and Training, or CBET.
The one-year program is designed for undergraduates, graduate students and people already in the workforce interested in a career in the biopharma industry. The school is accepting applications for the spring 2021 semester at the CBET website.”
Marinas On Lake George Report Booming Business During The Coronavirus Pandemic
“Area marina owners are fondly calling this the “summer of boating” as the 2020 season comes to an end. Many are saying they never could have anticipated the high demand for marina use the past few months have brought during the COVID-19 pandemic.
From experienced boaters to rookies, those in the business said the season brought an unprecedented amount of people to water in search of a summer escape.”
New investment for old Catskills motor lodges
“The Rip Van Winkle Motor Lodge in Catskill will get a $7.1 million makeover into a year-round resort with private cabins, pool and restaurant.
The Greene County Industrial Development Agency on Thursday approved tax exemptions to offset improvements to the property at 810 County Route 23B and an adjoining parcel.”
Where the job losses are in the Capital Region
“Hotels, restaurants and entertainment venues have shed thousands of jobs in the Capital Region in the wake of a pandemic that has hobbled the local and national economy.
Dave & Buster’s, the sports bar, restaurant and gaming arcade, is the latest to feel the impact, warning on Thursday of 1,300 job cuts and a possible bankruptcy filing, according to media reports. Locally, 90 employees at the Dave & Buster’s in Crossgates Mall are facing permanent job loss, according to a Worker Adjustment and Retraining Notification filing with the state Labor Department.”