Elevation Burger Franchises Will Directly Create More Than 65 Jobs in 2012
RYE BROOK, NY and YONKERS, NY—January 10, 2012 — Congresswoman Nita Lowey (D-Westchester/Rockland) was today joined by local business owner Daniel Magnus to tout job-creating federal assistance for local businesses and call for greater investment in small business loan programs. Mr. Magnus received a $1.3 million loan, 90% guarantee, and fee waiver from the U.S. Small Business Administration (SBA), saving $35,000 as he opens Elevation Burger franchises in Rye Brook and Yonkers, which will create dozens of local jobs.
“This public-private partnership is a great example of how the federal government can promote economic activity and job creation,” said Lowey. “Helping Daniel Magnus secure the capital he needed – without the typical fees – made it possible for him to purchase franchises, offer a competitive product, and create local jobs.”
"Working closely with Hudson Valley Bank and the New York Business Development Corporation to secure SBA financing and a waiver of lending fees helped to make my first two Elevation Burger locations a reality,” said Daniel Magnus. “Between our newly-opened first location at the Rye Ridge Shopping Center in Rye Brook and our second location in Yonkers, which will open early this year, we will have created more than 65 new jobs in the county.”
With the help of the U.S. Small Business Administration (SBA), Mr. Magnus opened the first Westchester County franchise of Elevation Burger, utilizing sustainable building materials and serving 100% organic food.
Mr. Magnus received the capital to open his first two stores through the SBA 7(a) loan program, which works with financial institutions to provide a 90% guarantee on the loan to qualified applicants. SBA waived fees associated with the loan, saving Mr. Magnus $35,000, valuable capital he is using to expand his business.
The Small Business Jobs Act, enacted in September 2010, contained legislation sponsored by Lowey to increase SBA loan limits and guarantees and waive loan fees. This is critical for business owners in high cost-of-living areas, like Mr. Magnus, where the price of goods and services is higher than the rest of the country.
In addition to franchises in Rye Brook and Yonkers, Mr. Magnus intends to open a third Elevation Burger in Westchester County in 2012. By the end of 2012, his three stores will create more than 65 jobs, not including construction and service sector jobs contributing to the transformation and maintenance of the new stores.
“Last month marked 22 straight months of private sector job growth, but there is still more to do,” said Lowey. “We must expand successful and job-creating initiatives like SBA loan programs for small businesses and extend the payroll tax holiday through 2012, which will save hard-working families nearly in New York’s 18th Congressional District $1,700 this year.”