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Schumer Secures $250,000 For Corona Elmherst Center For Economic Development

Senator Aggressively Lobbied Senate Appropriations Committee To Include Funding In Spending Bill

Federal funds will help the Center revitalize the economy of the Corona, Elmhurst, and Jackson Heights area by providing technical and financial assistance to local small businesses

US Senator Charles E. Schumer today announced that the Senate Appropriations Committee approved $250,000 under the FY06 Commerce, Justice and Science Appropriations Act for the CoronaElmhurst Center for Economic Development to help support its efforts to improve the economic outlook of the business community in the CoronaElmhurst district of Queens, New York.

The bill must now be approved by the full Senate and House before being signed into law by the President. Schumer had aggressively lobbied members of the Conference Committee to include funding for the project in this years spending bill. This federal funding will be an incredible boost to the economy of the entire CoronaElmhurst district, Schumer said. The CoronaElmhurst Center for Economic Development will help train and finance local businesses creating jobs and revitalizing the economy of this important area of Queens.

The federal funding Schumer secured will help the CoronaElmhurst Center provide technical assistance to small businesses and aspiring merchants in the local district through business training such as business plan writing courses. The funding will also support the Centers efforts to provide local businesses with financial assistance in the form of small business loans through the ACCION New York microlending program and other local banks. These loans range from $5,000 to $50,000.

The Center helps establish 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 of 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.

In 2004 alone, ACCION NY provided $10.3 million in loans to entrepreneurs, almost all of whom were immigrants, 95% of whom were minorities, and 40% of whom were women. These loans helped retain or create nearly 2,000 jobs in communities where employment is often scarce.

The funding Schumer secured will also help the CoronaElmhurst Center coordinate community services with many major local organizations such as Shea Stadium, National Tennis Stadium, LaGuardia Airport, Flushing Marina, and Flushing Meadows Corona Park.

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

I am very pleased that Senator Schumer has taken it upon himself to truly invest resources in the form of $250,000 to the CoronaElmhurst Economic Development Center to ensure that communities, such as Corona, Elmhurst, and Jackson Heights, which are on the verge of an economic development renaissance, receive that extra push to help accomplish their goals,said Assemblyman Jose Peralta. As always I am looking forward to continuing to work closely with Senator Schumer in assuring that the needs of these communities are fulfilled by this center so that small businesses, which are the heart and soul of this states economic engine, continue to thrive.

The Appropriations Committee included $250,000 for the CoronaElmhurst Center for Economic Development in the Commerce, Justice and Science spending bill. The bill was passed by the Conference Committee when and now heads to the floor for a full vote before the Senate and House before it is sent to the President to become law.