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Monday, September 01, 2014
Speculator, NY ,

Charles Frey, right, and his son Billy were in a celebratory mood after meeting with the Hamilton County Industrial Development Agency and winning a $200,000 loan to be used as working capital once they close on a deal to purchase The Woods Inn in Inlet. (Photo/Pete Klein)

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Three get IDA loans

Saturday, May 03, 2014 - Updated: 8:50 AM

By PETE KLEIN

Express News Staff

LAKE PLEASANT -- The Hamilton County Industrial Development Agency approved loans last week to three businesses, two of which will result in people moving to the county to live and work.

A $100,000 zero interest bridge loan to the Indian Lake Chamber of Commerce will be used for Adirondack Teleworks to hire staff, fund a training component, expand outreach and identify new employers for telecommuting work.

The chamber made the request because, although it won a $100,000 grant through the North Country Regional Economic Development Council in December, it cannot collect the grant until it has spent the money.

Chamber Secretary Bill Murphy, founder of Adirondack Teleworks, pointed out the urgent need for the loan when he said, "We have just hired Andrew Mahoney to be the director. He will be starting his job this coming Monday, May 5, down in Albany where he will be manning the Adirondack Teleworks booth in the well of the Legislative Office Building during Adirondack Day."

Adirondack Day is meant to raise the state Legislature's awareness of issues facing residents and property owners in the Adirondack Park.

Murphy said Mahoney, a 2004 graduate of Indian Lake Central School, is moving back to Indian Lake from Saratoga Springs with his wife, Erica, also an ILCS graduate.

THE WOODS INN

The second loan bringing a family into the county is $200,000 for 20 years at 2 percent interest granted to Charles Frey, for working capital when he purchases The Woods Inn in Inlet.

Frey, the brother of Inlet Supervisor John Frey, said he expects to close shortly on a loan from Adirondack Bank, Old Forge, to purchase the inn from Joedda McClain and Jay Latterman, who have owned it for about 11 years.

Frey, who is married with a daughter and two sons, will be moving to Inlet from Rochester where he has been employed at Paychex as its information technology manager. He also worked for IBM in the same position, after serving six years as a telecommunications specialist with the U.S. Air Force and after graduating from Rochester Institute of Technology College of Business.

Frey said the money would be used to repair a cabin damaged by fire and build a pavilion. He also intends to create an online marketplace for local businesses to sell their products.

BUCKET TRUCK LOAN

Kevin Elkin Tree Service, Indian Lake, will get a loan of up to $55,000 for 10 years at 3 percent interest to purchase a bucket truck to grow his business and make it safer.

Elkin has been in business about five years. He provides tree service and removal, brush chipping and stump grinding and removal. "The best decision I ever made was to start this business," he said.

For information about the IDA’s loan programs email info@hamiltoncounty.com. The IDA Board of Directors will meet next at the Indian Lake County Building Tuesday, June 10, starting at 1:30 p.m.

     

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