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New Tenants to Seven21 Get Their Own "Stimulus Package"

The Kingston Local Development Corporation (KLDC) and Seven21 media center in Midtown Kingston hope to attract new companies to lease space and grow their businesses at the high-tech facility. The KLDC will give low interest loans of up to $10,000 to eligible businesses who relocate or expand to Seven21. The funding can be used for working capital, inventory, supplies, furniture, fixture, equipment or even lease payments for up to 6 months.

This program will not only provide needed seed money but act as a business incubator offering workshops, training, business development, advice, and counseling by seasoned business professionals. Clinics and seminars in the studio are slated to begin this fall.

Mayor Shayne Gallo said, “this will actually lesson the burdens of government and provide access to capital and programs for businesses that create jobs, stabilize and increase the real property tax base, and contribute to the revitalization of the City’s neighborhoods.”

KLDC’s Micro-enterprise Loan Program will be piloted at the 721 Broadway, Seven21 Media Center, but the objective is to target the program within the Midtown Corridor from Thomas Street to Albany Avenue.

Jeremy Ellenbogen, CEO of Seven21 Media Center said, “This area has so many technology and media entrepreneurs transplanted from metro NY who want to start their own businesses, and this microloan pilot program might just be the stimulus companies need.” Office spaces are all-inclusive and start at a modest $350 per month for a one room office.

The KLDC is a public corporation with a mission to help grow the Kingston economy by providing funding on projects, advice, marketing, and support for local businesses.

For more information regarding this program contact Jennifer Fuentes at the City of Kingston or Jeremy Ellenbogen, at jeremy@seven21.com