Business & Tech
State Board Approves $150K to Keep Pentegra in Harrison
The Empire State Development Board has approved a $150,000 grant that will keep Pentegra from leaving Harrison's Platinum Mile and relocating in Connecticut.
After flirting with a move across state lines, Pentegra Services has accepted a $150,000 grant from the Empire State Development Board (ESD) that will keep its facility on Harrison's Platinum Mile.
The ESD board announced the agreement Tuesday. Pentegra, an independent retirement product and services provider, will use the money to expand its 27,505 square-foot leased facility at 108 Corporate Park Drive, according to a release from ESD. The company outgrew its space as it more than doubled its work force from 93 to 202 over the last few years, the release said.
According to ESD, without the $150,000 capital grant the company would have closed its current facility in Harrison and moved to Connecticut. Instead the company will embark on a $1.2 million project to upgrade its current facility.
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The release estimates the grant will prevent nearly 128 jobs from leaving the Platinum Mile.
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The ESD's board of directors approved the grant Tuesday as part of a $245 million state-wide investment that promises to create 120 new jobs and keep 1,069 jobs in the state, said the release.
“Over $245 million in investments from business across New York show that companies believe in the new New York, and are choosing to stay here and grow here. Our support for these projects demonstrate a smart use of limited state resources that will stimulate much-needed job creation and economic activity in communities that need it most,” Empire State Development President, CEO & Commissioner Kenneth Adams, said in the release. “Today’s investments of over $245 million show that companies believe in the new New York, and are choosing to stay here and grow their business, which is good news for all New Yorkers.”
The ESA is a state agency that uses loans, grants and tax credits to keep businesses in New York State, promoting economic growth and job creation.
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