Business Review says 21 jobs slated for empty site
NEW LEBANON – After a wait of six years, the former CeramTec building here will again be occupied, this time by a business moving from Long Island and reportedly taking advantage of a federal government tax break for business investing in new facilities.
New Lebanon Town Supervisor Meg Robertson confirmed Wednesday that the company, RISA Management Corporation, which currently operates out of Westbury, has applied for permits to begin metal fabricating manufacturing at the 47,000-square-foot building once occupied by the ceramics manufacturer on Route 20, just west of central New Lebanon. CeramTec left town and closed the plant six years ago.
News of the company’s decision to relocate in New Lebanon was published in the current edition of the Business Review, a weekly journal about business in the Capital District. The Review reported that the company plans to employ 21 people and hopes to see a major increase in its sales.
RISA Management Corp., according to the Business Review, will use the building as its main production facility. The company’s owner, Savi Prashad, was not available for comment on Wednesday, nor was the regional director of the U.S. Small Business Administration in Syracuse, which is reportedly helping finance the cost of purchasing the plant in New Lebanon.
The company’s website, www.risacorp.com, says it offers “miscellaneous iron fabrication and installation, structural steel fabrication and erection, specialty metalwork, a variety of architectural metal products including stainless and aluminum railings and handrails.”
The Business Review story also said that the company’s move was made possible, in large part, due to a recent change in the SBA’s loan guarantee programs. A temporary waiver of loan fees enabled the company to borrow $325,000 to purchase the building, according to the Review.
“Everyone will benefit,” said Fiona Lally, chairperson for the Lebanon Valley Business Association. She said that New Lebanon provides “the perfect combination of talent and space, a high caliber workforce in a small town setting.”
Ms. Robertson said she was particularly pleased that RISA Management Corp. is owned by a woman. But she also noted that although the company has filed building and zoning permit applications, it has not as yet submitted the documentation required to support the applications, which town officials requested September 20.
The Business Review reports that Ms. Prashad expects the company will have more than $10 million in revenue this year and hopes to be settled in New Lebanon “within a month.”
The supervisor said that while she hopes that it will be possible to move forward as soon as possible, “There won’t be trucks pulling up to the facility any time soon,” she said, adding the community will welcome RISA “provided they pass all necessary requirements.”