News

Lorenzo International receives $416,000 NY State grant

Published: 1/27/2008

With 2007 sales projected to reach $12 million, company seeks 35 new full-time jobs to service new accounts.

1/27/2008 - ALBANY — A Dunkirk company will receive a $416,000 state grant to help fuel a $4.1 million expansion project.

Lorenzo International Inc., freight and trucking company headquartered in Dunkirk, will use the expansion project to address cash flow problems that have limited the company’s ability to grow. With 2007 sales projected to reach $12 million, the company needed to expand its workforce to service new and expanding accounts.

The project will result in the creation of 35 new full-time jobs. The state Office for Small Cities will contribute $416,000 for working capital associated with the company’s expansion.

The Office for Small Cities, a subsidiary of the Housing Trust Fund Corporation, approved nearly $3.3 million in economic development aid on Thursday that will foster the creation of more than 270 jobs throughout the state. The money will go to eight business expansion projects that are expected to spur more than $112.4 million in public and private investments, including $2.6 million from the Empire State Development Corp.

‘‘Revitalization of the upstate economy, city by city, is critical to rebuilding this great state,’’ said Gov. Eliot Spitzer. ‘‘These projects will support critically important economic development and job creation efforts and stimulate growth in local economies.’’

Other projects receiving money include $366,000 for Ascension Industries Inc. to expand in North Tonawanda.

‘‘This funding is great news and will provide a real boost to vital local businesses and industry,’’ said U.S. Sen. Hillary Clinton, D-New York. ‘‘This is an investment in the future that will help create jobs, improve infrastructure, and strengthen New York’s economy.’’

The Office for Small Cities administers the Federal Community Development Block Grant Program for the State of New York and provides funding to cities, towns and villages with populations less than 50,000 and counties with populations less than 200,000. The funds are intended to help revitalize communities, expand affordable housing and economic opportunities and improve community services and facilities.

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