EDA approves $200K loan to Albion business for expansion
ALBION – The Orleans Economic Development Agency approved a $200,000 loan for an Albion business that is doing a $750,000 expansion on Washington Street.
ARG Services of WNY is building a new 8,000-square-foot recycling center that will be a construction and demolition debris processing facility.
ARG, which is owned by Anthony Gramuglia, is projecting it will add eight employees with the expansion.
The business moved its headquarters to 366 Washington St., the former New York State Electric and Gas building. The new building will be next door and will process building materials in an enclosed space.
The $200,000 loan was approved on Friday by the EDA’s board of directors. The money comes out of the EDA’s revolving loan fund, which is used to facilitate business creation and expansion in the county.
The $200,000 will help ARG with the purchase of equipment and machinery, and working capital with the expansion.
The loan is to be paid back over 90 months at 75 percent of the prime interest rate.