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FOR IMMEDIATE RELEASE: October 22, 2006

Schumer, Crowley Announce $250,000 For Corona-Elmhurst Center For Economic Development

Senator and Congressman Attend Economic Forum to Announce Funding and Champion Local Economic Development

Federal Funds Will Help the Center Revitalize the Economy of the Corona-Elmhurst District by Providing Technical and Financial Assistance to Small Businesses

Attending the 3rd Anniversary Legislative and Economic Forum at the Corona-Elmhurst Center for Economic Development, today, U.S. Senator Charles E. Schumer and U.S. Representative Joseph Crowley announced $250,000 in federal funds for the Center. Schumer, the keynote speaker for today’s forum, teamed up with Congressman Crowley to champion the importance of empowering Queens’ local business community. The federal funding secured by the Senator and the Congressman will support efforts by the Center to stimulate the local economy and encourage the business community in the Corona-Elmhurst district of Queens, New York.

“This federal funding is a shot in the arm for the economy in the Corona-Elmhurst district and will help fledgling businesses mature into vibrant enterprises,” said Senator Schumer. “The Corona-Elmhurst Center for Economic Development is instrumental in revitalizing the community’s economy, and, with this money, it will lead the charge in training and financing local businesses.”

Congressman Crowley said, "The Corona-Elmhurst Center for Economic Development is a crucial part of Queens. The Center provides essential business training and employment services to local residents and serves as a job bank for Northwestern Queens employers looking to hire. The Center for Economic Development and the Federal investment we bring today represent a strong partnership between private business and public good that will keep growing the economy of Queens through the 21st century."

The federal funding secured by Schumer and Crowley will allow the Corona-Elmhurst Center to provide technical assistance and business training to small businesses and start-up merchants in the local district. The funding will also support the Center’s efforts to provide local businesses with financial assistance in the form of small business loans through the ACCION New York micro-lending program and other local banks. These loans range from $5,000 to $50,000.

The Center has been successful in establishing partnership agreements between local merchants and ACCION NY, a nonprofit organization dedicated to increasing business and family incomes, creating jobs, and revitalizing economically disenfranchised neighborhoods in New York City and Long Island. ACCION NY provides microloans and business advisory services to individuals and small businesses that do not have access to traditional sources of credit.

The funding will also help the Corona-Elmhurst Center coordinate community services with major local organizations including Shea Stadium, National Tennis Stadium, LaGuardia Airport, Flushing Marina, and Flushing Meadows Corona Park.

In June 2004, the Corona-Elmhurst Center for Economic Development received $125,000 from Queens Assemblyman Jose Peralta to support the same initiatives for the Corona-Elmhurst and Jackson Heights areas.

The Appropriations Committee included $250,000 for the Corona-Elmhurst Center for Economic Development in the Conference report of the Science, State, Justice and Commerce and Related Agencies Appropriations Act of 2006. The bill then went to the President, who signed it into law on November 22, 2005.

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