FOR RELEASE: June 30, 2003
CONTACT: Peter Sigurdson (716) 842-1522 ext 3006.
NYSERDA Provides $35,602 in Financial Incentives,
Low-Interest Loan to Buffalo Printing Firm
Buffalo, NY -- The New York State Energy Research and Development
Authority (NYSERDA) announced today that Printing Prep will receive
a $35,602 incentive and low-interest financing for the purchase of
an energy-efficient and environmentally friendly 3M 2500 UV printing
press.
"Printing Prep recently invested more than $1 million for the
purchase and renovation of a new building as part of its business
expansion, and was seeking financial assistance to help offset the
cost of this effort. NYSERDA was delighted to partner with Printing
Prep and provide a financial incentive and low-interest financing
for the purchase of an energy-efficient printing press," NYSERDA
Acting President Peter R. Smith said.
"This has been a monumental project for our company. The help
NYSERDA provided, both in suggesting ways to lower our future electrical
expenses, and the incentives we received, helped make this 'impossible'
project possible. As with any incentive package, there were some forms
to fill out. The NYSERDA staff helped us complete the applications
properly. I never felt alone in the process," said Printing Prep
President Hal Leader.
"HSBC is proud to have assisted Printing Prep achieve its goals
in partnership with NYSERDA's loan program. HSBC is committed to helping
small businesses in Western New York grow and prosper using the NYSERDA
program," said Sterling Kozlowski, HSBC Senior Vice President,
Small Business.
Smith said Printing Prep used the New York Energy $martSM
New Construction Program and Loan Fund to assist in the purchase of
a single energy-efficient printing press that will replace two older,
inefficient presses.
Under the New Construction Program, Printing Prep qualified for a
$35,602 custom incentive for the purchase of the energy-efficient
press. Printing Prep also utilized the New York Energy $martSM
Loan Fund to borrow $450,000 from HSBC Bank for the purchase of the
printing press and ancillary equipment. The Loan Fund allowed HSBC
to reduce the interest paid on the loan by 4.5 percent. By taking
advantage of the Loan Fund, the Nickel City printer saved more than
$56,214 in interest charges.
In addition, Smith said the energy-efficient printing press will
save Printing Prep more than 63,342 kWh/year or approximately $8,234
in electric energy costs.
Furthermore, the cutting edge printing press is environmentally-friendly,
emitting no volatile organic compounds (VOCs), which is the case with
solvent-based printing equipment. Printing Prep is the only New York
State printer at this time to own the cutting edge 3M 2500 UV printing
press.
All New York Energy $martSM programs are funded
by a System Benefits Charge (SBC) paid by electric distribution customers
of Central Hudson, Con Edison, NYSEG, Niagara Mohawk, Orange and Rockland,
and Rochester Gas and Electric. NYSERDA, a public benefit corporation
established by law in 1975, administers SBC funds and programs under
an agreement with the Public Service Commission.
New York Energy $martSM programs are designed to
lower electricity costs by encouraging energy efficiency as the State's
electric utilities move to competition. The programs are available
to electric distribution customers (residential, commercial, institutional,
and industrial) who pay into the SBC.
Since 1998, NYSERDA has provided more than $26 million to support
more than 500 projects in Erie and Niagara Counties. Combined with
co-funding from NYSERDA's partners, the value of these projects is
more than $65 million. Among some of the other customers NYSERDA is
working with in Erie and Niagara Counties, are: State University of
New York at Buffalo, Veridian Engineering, Inc., Quebecor, Kreher's
Poultry Farm, HSBC Bank USA and Niagara Frontier Transportation Authority.
Additional information about these programs can be obtained at www.nyserda.org
or www.getenergysmart.org, or toll-free at (877) NY-SMART.
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