Graham Corp. receives $50,000 grant from state
No word on the grant will be used. We'll see what we can find out Monday.
The grant was part of $67 million package of funds handed out by the agency. The funds are intended to spur economic growth.
Other area grants include:
- One Aid to Localities grant, totaling $150,000, to World Trade Center Buffalo Niagara for salaries and wages associated with outreach and service efforts in the twelve-county Western New York and the Finger Lakes region
- $50,000 to the Livingston County Agricultural Society and Fair
- $50,000 for Erie County Industrial Development Agency (Erie County)
- $25,600 for Qualicoat Inc. (Monroe County)
Graham was recently named one of Business Week's top 100 small companies. In Q2 2008, Graham reported $27.5 million in revenue and a 20 percent net profit margin. Graham employs 281 people. It's stock currently trades at $69.63.
New York State Urban Development Corporation, d/b/a Empire State Development Corporation’s funding sources include net revenue generated from the housing companies and non-residential projects, appropriations as provided in the State’s budget, interest and finance income earned from economic development cash and investments, fees generated from bond sales and other sources, reimbursement from other authorities and other miscellaneous income sources. The Corporation’s general and administrative operating expenses are prepared within budget directives as set forth by the State of New York, Executive Department, Division of Budget which establishes the level of spending for each year.There could be a very legitimate need to Graham to get a development grant. As a publicly traded company, Graham may have a worthwhile experimental project that it wants to try in New York, but would not want to risk too much of its own funds, which could hurt its position with investors. That's just an example. I have no idea. Hopefully, we can find out more tomorrow.