Syracuse Company Taps into Financing Offered by Local Economic Development Organizations
US Beverage Net, Inc. (USBN) was established in 2005 and is located at 1001 W. Fayette Street in the Rockwest Building on the near west-side of Syracuse. They have developed a system that allows restaurants and bars to track the flow of beer and soda using flow metering systems. The web-based solution allows facilities to monitor the product that is flowing through their taps in real-time. The system compares the product dispensed to the product actually sold and allows bar owners and managers to eliminate waste and loss due to leaky taps, unauthorized comps, spillage, etc.
As a start-up business, USBN required additional working capital which is being provided by The Central New York Quasi Equity Fund. This fund is designed to support the growth, start-up and retention of manufacturing and producer-service firms in Central New York by providing "quasi-equity" or mezzanine type financing.
In partnership, the Onondaga County Industrial Development Agency (OCIDA), Central New York Enterprise Development Fund (CNYEDF) and the Greater Syracuse Business Development Corp. (GSBDC) were able to provide $180,000 in additional working capital. According to Mark Young, president and CEO of USBN, "Programs such as this help young companies like ours foster economic development and make a difference in the community. We are excited to receive the support from OCIDA, GSBDC and CNYEDF."
CNYEDF Regional Loan Manager Mike Rosanio stated, "USBN is one of a new breed of companies that we are eager to support. They combine a variety of technologies in a unique and creative way, crafting a value-added product that can generate revenues from customers all over the country and support skilled, well-paying jobs here in Central New York."
USBN currently employs five full-time and one part-time staff. The company will soon be adding their sixth employee, a Syracuse University graduate, who started working with them as a CASE Center intern. USBN projects job growth to 55 employees within three years and more than 100 employees over the next five years.