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 Champlain National Bank  The rural community of Willsboro on Lake Champlain had only a single grocery store - a Tops Market that had been a Grand Union before that chain's bankruptcy. Then Tops Market decided to leave the area. And then there were none. Residents shopped in two convenience stores, but once Tops Market closed, they had to drive 25 miles to Plattsburgh for all but the most basic items. This long drive represented a hardship in winter for everyone, but it was also a year-round challenge for the many area retirees who live on fixed incomes. Of course, the problem grew more acute as gas prices rose. Mark McKenna was already in the grocery business in Willsboro, although in a limited space. He operated the Country Store, one of the two convenience stores in the community. Therefore, he was ideally positioned to recognize that the closing of the Tops Market represented both a concern for residents and a business opportunity. He decided to reopen it and restore full-service grocery shopping in Willsboro. McKenna received a bridge loan from Champlain National Bank, granted on condition that NYBDC also participate and provide a 75 percent U.S. Small Business Administration guaranty. McKenna used the bridge loan to make improvements on the property, painting it from top to bottom, for example, and to purchase equipment, including coolers, computers and cash registers. Meanwhile, George Sherwin at Champlain National coordinated a take-out with NYBDC, each lender ultimately providing $100,000 and NYBDC providing the needed guaranty through the SBA Preferred Lender Program. The store's rural location met an SBA public policy goal, earning special consideration. "I couldn't have asked for better service," said McKenna. "My bank handled it all for me and dealt with NYBDC, though I did have some good conversations with Marlies Capobianco at NYBDC. Everyone was very friendly, willing to help and get things done. It all happened in a very timely way." The former Tops Market was closed for only 30 days during renovations, reopening a year ago as Country IGA. Willsboro's only full-service grocery store, it employs 12 year round, adding three employees to handle increased business during the summer. "They put me in business," said McKenna of NYBDC. |
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New York Business Development Corporation (NYBDC) Empire State CDC: The 504 Company Statewide Zone Capital Corporation (SZCC) Corporate Headquarters: 50 Beaver Street, Albany, NY 12207 1-800-9-BDC-504 · www.nybdc.com Our Success is Your Success - The process is easy; the possibilities are endless. |
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