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EDA approves $250K loan to CRFS

By Tom Rivers, Editor Posted 14 November 2014 at 12:00 am

Photo by Tom Rivers – CRFS, which a year ago moved into the former Chase site, was approved for a $250,000 loan today for working capital for the company’s expansion.

ALBION – Albion’s largest private employer was approved for a $250,000 low-interest loan today by the Orleans Economic Development Agency.

Claims Recovery Financial Services will use the funds for working capital, said Jim Whipple, EDA executive director. CRFS about a year ago consolidated its operations at the former Chase site in Albion.

The company shifted its employees from sites in Medina and a next-door location in Albion to the former Chase building. The company employs about 600 people at the site.

CRFS has five years to pay back the money at a rate that is 75 percent of prime. The money comes out of the EDA’s revolving loan fund for businesses. As the loan is paid back, the funds will be available for other businesses to borrow.

“We’re pleased with the positive direction CRFS is headed,” said Ken DeRoller, a county legislator and EDA board member.

The company has grown from about 10 employees a decade ago to its current size. CRFS is led by Orleans County native Jodi Gaines. The company serves clients in all 50 states, working with banks and the federal Department of Housing and Urban Development to recover past-due interest, unpaid principal, unpaid taxes and unpaid insurance on houses.