Spray Foam Company Receives $35,000 Loan From NY Government

In New York, the state is moving forward with a plan to fuel small business growth by offering low-interest loans to promising businesses, including one that specializes in spray foam insulation.

The Oneida Dispatch reports that the Board of Supervisors in Wampsville, New York voted to use state funds to grant a low-interest loan to a local entrepreneur looking to establish a spray foam insulation business in Madison County, located in upstate New York. The board, among several pending issues, approved a $35,000 microenterprise loan to Budget Spray Foam, a local small company, that will be used to purchase equipment and inventory, and create at least two full-time jobs over the next year.

Dan Young, a representative from governor Andrew Cuomo's office, visited Wampsville last week as part of the "People First" tour to engage in discussion with the public and focus on measures to spur economic development. He was in attendance for the board's approval of Budget Spray Foam's loan, which was one of three $35,000 microenterprise loans that were granted. The others went to a microbrewery and a grocery store.