WHO IS REDEC AND RRC?

REDEC/RRC
8 Denison Parkway, E.
3rd Floor-Suite 403
Corning, NY  14830
607-962-3021
607-936-8081 Fax

The Regional Economic Development and Energy Corporation of the Southern Tier Central Region, NY  (REDEC) was incorporated in October 1980 as a not-for profit corporation, a 501C(4), under the laws of the State of New York. Funding was provided by the Economic Development Administration (EDA) and the Appalachian Regional Commission (ARC) to establish a revolving loan fund.   The initial focus of REDEC was to assist businesses in Chemung, Schuyler and Steuben counties become more energy self-reliant.  The goal was to provide an integrated program of technical and financial assistance directed at the interrelated problems of energy, the economy and employment.

In the late 1980’s, as the energy prices and supplies stabilized, the focus of REDEC changed to focus more on promoting economic development.  REDEC now serves as a “gap financier” providing loans for start-up and expanding businesses in the three county region that will create/retain jobs.

REDEC Relending Corporation (RRC) was established in January 1993 as a not-for profit 501C (3), under the laws of the State of New York.  RRC was established to administer loan funds received from USDA, Rural Development, under its Intermediary Relending Program. (IRP). RRC has received three IRP loans, for a total of $1,750,000.  RRC has since evolved to provide loan servicing and administration to other local loan programs.  In 2000, RRC received a Rural Business Enterprise Grant from USDA to establish a micro loan program for small business.  In December 2007, RRC was approved by the Small Business Administration (SBA) as a certified SBA micro lender. 

In addition to providing financial assistance, REDEC/RRC also provides technical assistance to businesses, both directly and in partnership with other agencies.  The assistance available includes assisting clients with restructuring existing debt; acting as a liaison between a borrower and other funding sources; reviewing financial statements to identify specific problem areas; assisting clients with the paperwork involved in obtaining financing; providing networking opportunities for the client; and working with local lenders.