DHCR Grants Help Businesses Expand and Create Jobs at Watervliet Arsenal

ALBANY, NY (12/23/2008)(readMedia)-- The State Division of Housing and Community Renewal (DHCR) has announced two grants to the City of Watervliet that will be used to help two businesses in the Watervliet Arsenal expand and create 47 new jobs with employer-sponsored health care benefits.

The grants, provided through the New York State Community Development Block Grant (CDBG) program, total more than $735,000 and will assist Solid Sealing Technology, Inc. and Extreme Molding, LLC with their expansion plans.

DHCR Commissioner Deborah VanAmerongen said "It is extremely gratifying to help these two businesses expand and create good jobs with health care benefits. The Watervliet Arsenal is important to the economic health of the Capital District, and we at DHCR are proud to have provided these grants."

Solid Sealing Technology (SST) is a high-technology manufacturing firm with a customer base of more than 160 customers in 17 countries. During the past year SST has invested more than $200,000 in capital equipment. A NYS CDBG grant of $346,000 will be used for working capital, equipment and marketing associated with the expansion of their operations.

Expansion of SST will result in the creation of 22 new full-time jobs, with 13 made available to low- and moderate-income persons. All positions will be offered employer-sponsored health care benefits.

Extreme Molding started development of a new product in February of 2008 -- a medical mattress made of silicone gel that will prevent bedsores and facilitate blood flow in hospital patients. The NYS CDBG grant of $391,000 will be used to purchase the necessary machinery and equipment to manufacture the new product line.

Extreme Molding's expansion will create 25 new full-time jobs, with 23 made available to low- and moderate-income persons. All positions will be offered employer-sponsored health care benefits.

Albany County Executive Mike Breslin said "We salute DCHR for their huge contribution to these two creative and innovative businesses as well as the City of Watervliet. The creation of these many new jobs is particularly helpful in these difficult economic times."

Watervliet Mayor Michael Manning said, "This is great news for the City of Watervliet that both Extreme Molding and Solid Sealing Technology have received grants through the New York State Division of Housing & Community Renewal. These grants introduce my concept of applying economic development funding to Arsenal Business & Technology Park companies and will help revitalize our Local Development Corporation which was dormant for years."

Tony Gaetano, president of The Arsenal Business and Technology Partnership, said, "These two companies started with two employees: the owners, and now, they have about 50 employees each. It's the kind of growth you dream of. Thanks to Mayor Manning, the companies, and the success they're having, we are showing just how much the Arsenal has to offer."

Gary L. Balfour, president of Solid Sealing, Inc., said "The program allows us to do some things that otherwise we wouldn't be able to do as manufacturers to support our growth, as well as support the needs of the community. It's a perfect way for us to support our acceleration and continue the growth of our business as a small high-tech manufacturer. We are thrilled with the program; it really is a perfect program for us and we couldn't be happier to be a part of it."

Joanne H. Moon and Lynn E. Momrow, Co-Owners of Extreme Molding, LLC, said, "It is a fantastic program, what it means for us and for the city of Watervliet is that we can grow our business and hire more workers. These are the very people who need jobs and they are critical to our operation. With this money we will be able to buy more equipment to serve our customers needs. Without this grant, we might not have been able to serve our customers and continue to grow. It is a fantastic program and the city of Watervliet and Mayor Manning and his team should be congratulated for pulling this application together."

The NYS CDBG program is funded by the Federal government and administered by DHCR. The grants were approved by the Housing Trust Fund Corporation (HTFC) which is chaired by DHCR Commissioner VanAmerongen and administered by DHCR.