Empire State Development (ESD) announced that Coast Professional Inc., a small business with more than 20 years in the student loan collection industry, has opened its 4,100 square foot facility in Geneseo, establishing the company’s first-ever presence in New York State. The company has invested $1.9 million through the construction this new facility and purchase of new machinery and equipment. Over the next two years, Coast Professional will hire 100 new full-time employees for their Geneseo office.
“On behalf of Governor Paterson, I am very pleased to welcome Coast Professional to New York State and to the Finger Lakes region,” said ESD Chairman & CEO, designate, Dennis M. Mullen. “In today’s challenging economic climate, we are committed to ensuring that New York State is a great place for businesses to compete and grow their business. I wish Coast Professional much success for continued growth and prosperity in the future.”
Coast Professional CEO Brian Davis said: “We are excited to open our first phase of our operation in western New York. Empire State Development, Livingston County and the town of Geneseo made this project possible. We are extremely proud to bring more paying careers to Geneseo. Our reception into the local community could not have been warmer. It was the perfect fit for our expansion needs.”
ESD awarded Coast Professional a $200,000 grant to help offset costs associated with the project. The company is also eligible to receive approximately $868,500 in Empire Zone tax benefits. Additionally, the New York State Division of Housing and Community Renewal (DHCR) provided $556,000 in New York State Community Development Block Grant (CDBG) funds to support the development of this project.
DHCR Commissioner Deborah VanAmerongen said, “DHCR is very proud to have partnered with ESDC, Livingston County and the Town of Geneseo to help Coast Professional expand their operations into New York State. By working together and coordinating our investments, we are able to maximize limited resources and create 100 new jobs with health benefits for working families in Livingston County.”
Geneseo Town Supervisor William Wadsworth said, “We are very pleased that Coast Professional has chosen Geneseo for their newest location. Coast has added to our tax base and will provide nearly 100 good jobs as they grow. The Coast people are professional, honest and a delight to work with.”
Empire State Development is New York’s chief economic development agency. ESD also oversees the marketing of “I LOVE NY,” the State’s iconic tourism brand. For more information, visit www.nylovesbiz.com.