Monroe County Executive Adam Bello says small businesses are facing more pressure than ever due to economic uncertainty and escalating costs.
And many still need to buy expensive equipment to compete and grow. During a news conference last week, Bello unveiled an incentive program that is intended to help qualified companies offset costs of that equipment.
"It's particularly challenging for small businesses due to escalating costs tied to inflation, supply chain disruptions, and also, most notably, pending tariffs," Bello said. "The Equip Monroe program is our answer to this uncertainty."
Through Equip Monroe, eligible small businesses can receive rebates of up to $5,000, depending on how much they're spending on new equipment. For example, equipment costing $25,000 to $49,999 would be eligible for a rebate of up to $2,000, while purchases of $150,000 and higher would be eligible for a rebate of up to $5,000.
Bello announced the program at XLI Manufacturing in Chili, which makes products for the medical and aerospace markets, among others. It was the first company to apply for and receive a rebate.
Company President Chad Carta said despite the economic headwinds, XLI sees opportunity for growth.
"All these key technologies that we've been investing in can sometimes cost millions of dollars, but it's programs like the Equip Monroe program that really allow us to stay competitive and serve this market," Carta said.
Any equipment for which a company receives a rebate must be used in Monroe County. Companies can receive more than one rebate, but there is a $25,000 lifetime cap per business.
