Saratoga Business Journal

Two Area Credit Unions Holiday Fundraising Results In $350,000 Donations To Charities

January 17, 2022January 17, 2022

SEFCU and CAP COM united to fight hunger and brighten the holidays for people in need across New York state, amassing more than $350,000 to nearly 50 food pantries and rescue missions.
Courtesy SEFCU

In their first joint venture since announcing plans for a merger, SEFCU and CAP COM united to fight hunger and brighten the holidays for people in need across New York state.

SEFCU President and CEO Michael Castellana, CAP COM President and CEO Chris McKenna, and employees from both organizations distributed more than $350,000 to nearly 50 food pantries and rescue missions in the Capital Region, and the Binghamton, Buffalo, and Syracuse areas.

SEFCU has been making these donations to pantries and shelters since 2010 as part of its year-round commitment to fighting hunger through financial support for local nonprofits and the funding of solutions that offer greater access to fresh, healthy food for people in need. With CAP COM joining the effort, this year even more nonprofits are benefitting.

“We are both products of the credit union movement which is, ‘people helping people,’ and that’s exactly what we are doing. We know that’s our purpose. We’ve been doing it individually. When we do it as a combined entity, there will be no stopping us,” said Castellana, who added that the need to support our neighbors has never been greater. “When you see a food pantry where there is literally nothing on the shelf, you can’t help but be moved by it. To be able to lead an organization where that is a supported purpose, where that gets people out of bed in the morning. That’s why I do what I do.”

Along with helping food pantries stock shelves, these donations will help local nonprofits provide the services necessary to feed families and individuals.

“Food insecurity is such a crisis and sometimes we forget about the choices that people have to make. People have to choose between eating and paying bills, and that’s a choice that nobody should have to make. Nobody should have to go hungry at night. No student should have to go to school in the morning without being fed,” said CAP COM president and CEO Chris McKenna who also noted that helping those in need has an equally positive impact on those giving their support.

CEG, Siena Research Report Says Supply Chain Issues Still Bothering Area Manufacturers

January 17, 2022

Many New York manufacturers, especially those in downstate regions, are bullish on reshoring their production operations or supply chains after the coronavirus pandemic put them through upheaval.

The Center for Economic Growth (CEG) and Siena College Research Institute (SCRI) recently unveiled a survey of manufacturers statewide that found that 44 percent of them plan, or have already started, to reshore their supply chains or production operations. But among downstate manufacturers, which sustained the heaviest pandemic job losses, that planned/implemented reshoring rate was 59 percent.

To support manufacturers’ reshoring plans, CEG earlier this year managed over $220,000 in COVID-19 Reshoring and Supply Chain grants across the state with other New York Manufacturing Extension Partnership (MEP) centers. Five of the 23 manufacturers that received those grants were in the Capital Region, with their share totaling nearly $50,000.

They included Centrotherm Ecosystems in Albany, Free Form Fibers in Saratoga Springs, Unilux in Niskayuna, Stem Cultures in East Greenbush, and Next Advance in Troy. These funds were provided through a National Institute of Standards and Technology (NIST) MEP $800,000 grant from the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

“Our main product line is useless without the normally ubiquitous 5-cent parts used to hold samples. Since the pandemic, these parts have been unavailable or in very short supply. The New York state MEP grant enabled us to provide a solution so that our bread-and-butter product line is still in demand and scientists can use it to research COVID-19, cancer, Alzheimer’s, new pharmaceutical drugs, etc.,” said Ian Glasgow, president of Next Advance, a laboratory instrument manufacturer.

“Whether you’re making widgets or wafers, supply chain reliability is foundational, and the pandemic has reminded manufacturers statewide that it is something they cannot take for granted,” said Michael Lobsinger, vice president of CEG Business Growth Solutions (BGS). “That is why we see so much momentum behind reshoring in manufacturing. Reshoring can mean a lot of things but primarily it’s two things: either a company is physically moving a plant, operations, or process back to the United States, or it is replacing goods or services with new ‘domestic’ vendors and suppliers.”

State Starts Construction Of $21 Million Affordable Housing Project In Ballston

January 17, 2022

Construction has started on Dominic Hollow Apartments, a $21 million affordable and supporting housing development in the town of Ballston that will create 60 homes, including 30 reserved for adults in need of supportive services.

Dominic Hollow Apartments will be affordable to households earning at or below 60 percent of the Area Median Income. Thirty apartments will be reserved for adults who will receive on-site services provided by RISE Housing and Support Services. RISE is also the project’s developer with CSD Housing in a consulting role.

“Saratoga County is one of the fastest-growing counties in New York, and the Dominic Hollow Apartments will help fulfill the rising need for affordable housing,” Gov. Kathy Hochul said in announcing the start of the work. “As we continue to emerge from the pandemic, my administration will continue to prioritize investments that allow New Yorkers to find safe, secure, and sustainable housing so they can live healthy and successful lives in the communities they love.”

Services and rental subsidies for 18 supportive units will be funded by the Empire State Supportive Housing Initiative and 12 supportive units will be funded by the state Office of Mental Health. OMH is providing $416,000 annually in operating expenses for the 18 ESSHI units, as well as $477,000 annually for the 12 supportive units.

Officials said Dominic Hollow Apartments is designed to meet the energy efficiency requirements of the New York State Energy Research and Development Authority’s Low-Rise New Construction program and EPA’s ENERGY STAR Certified Homes Program Version 3.1. Sustainable features will include Energy Star or equivalent heating and cooling equipment, appliances, and light fixtures; water-conserving plumbing fixtures; and low- or no-VOC paints, primers, adhesives, and sealants.

Additional residential amenities will include a community room with kitchen, laundry facilities, a mail/package room, and a gym area. Outdoor amenities will include a gazebo, patio, and playground.

Fingerpaint Continues Growth, Acquires A Company In London, And In North Carolina

January 17, 2022

Fingerpaint, biopharma’s global commercialization partner for analytics-enabled integrated solutions, has acquired two companies as it continues to expand.

One company acquired is Engage, a London-based, award-winning, data and analytics–enabled healthcare marketing firm.

The MedThink, a North Carolina–based company that empowers healthcare providers through medical communications.

Engage will expand Fingerpaint’s European footprint and complement the company’s current data and analytics expertise.

The acquisition of MedThink will bring extensive medical communications capabilities to Fingerpaint through 2 distinct divisions: MedThink SciCom, which harnesses deep scientific knowledge and extensive industry experience to develop solutions for medical affairs, medical communications, and publication groups; and MedThink Communications, which provides medical education and marketing services that influence perception and change the behavior of healthcare professionals to commercial teams of all sizes.

“Strengthening our global infrastructure is reflective of the diversified biopharma industry we serve worldwide,” said Ed Mitzen, founder of Fingerpaint about Engage. “Our combined global omnichannel marketing solutions guided by—and rooted in—data will further Fingerpaint’s position as a transformative digital partner to biopharma’s commercialization needs.”

Mary McGregor and Dave Chandler, both founders and managing partners of Engage, will continue to lead day-to-day operations.

Museum Of Racing Foal Patrol Program Gets People Interested In Horse Breeding Process

January 17, 2022

Season 5 of the National Museum of Racing and Hall of Fame’s live webcam series Foal Patrol is now available online at www.foalpatrol.com.

Foal Patrol is a collection of live cameras following the daily activities of in-foal mares produced by the National Museum of Racing in Saratoga Springs. Millions of people throughout the world have viewed the popular webcam program since its inaugural season in 2018, officials said.

The Foal Patrol Season 5 participants are: Elate (in foal to Speightstown at Claiborne Farm, Paris, Ky.), Spanish Bunny (in foal to Uncle Mo at Gainesway Farm, Lexington, Ky.), Traveling Tiger (in foal to Audible at Safari North at Pauls Mill Farm, Versailles, Ky.), Repeta (in foal to Volatile at Three Chimneys Farm, Versailles, Ky.), and Floripa (in foal to Vekoma at Old Tavern Farm, Saratoga Springs, N.Y.). Live footage will expand as the mares approach their expected foaling dates.

Season 5 will feature a new education site at www.foalpatrol.com/education to connect Foal Patrol fans of all ages to online resources, videos, and podcasts that begin with breeding and reproduction and span the life of the thoroughbred, including Just for Kids; the Insights videos for youth considering industry careers; online resources about the health and care of the horse; and the platform of Your Stories for viewers’ photo submissions and stories of how Foal Patrol has inspired them.

New content will be added to the site weekly from January through June. A variety of thoroughbred industry partners have committed to supporting the educational efforts with regular content and support throughout Season 5.

“One of the many wonderful things about the sport of racing is that it has a great history of its industry partners working together to make projects such as Foal Patrol as successful as possible,” said Cate Masterson, director of the National Museum of Racing and Hall of Fame. “We’ve received nothing but positive responses from within the racing community about Foal Patrol and we are so grateful for everyone’s contributions to the program.”

Zobel Kitchens Receives A ‘Best Kitchen Design’ Award At CRBRA Event In Albany

January 17, 2022

Arthur Zobel, owner/designer of Zobel & Co. Kitchens, accepts the Best Kitchen Design $120,000-plus award from the Capitol Region Builders and Remodelers Association.
Randall Perry Photography

Zobel & Co. Kitchens, a custom kitchen design firm, received the Best Kitchen Design $120,000-plus award from the Capitol Region Builders and Remodelers Association (CRBRA) at the annual Best of Building Awards Night, held in November in Albany.

The project recognized in the award was a renovation of an 1800s historic Victorian Farmhouse in Schuylerville.

Typical of old houses, the existing kitchen was in a small room with limited storage, according to the company. By removing a long wall, owner/designer Arthur Zobel was able to create a large kitchen, complete with an expansive island, wine refrigerator, speed oven, wall oven, integrated refrigerator, dining area, and a hutch.

“Kitchens truly are the heart of the home. It’s the room we spend the most time in, the room where we want family and friends to gather, where we work, laugh and create”, said Zobel. “Transforming a kitchen to fit a family’s lifestyle and personality is something I thoroughly enjoy doing.”

Economic Outlook 2022: Mark Shaw

January 17, 2022

Mark Shaw, president and CEO of Stored Technology Solutions Inc. (StoredTech).

By Mark Shaw

The 2022 outlook for business is 100 percent about cybersecurity insurance. The best thing you can do for your business has nothing to do with buying technology, it’s about protecting your existing investment in exactly what you own right now.

How do you do that? By purchasing a cyber insurance plan for your business.

In doing so, you may ask any number of questions like:

Why a small business like yours with so little a hacker might find valuable would need an insurance policy to cover your technology?

Why your IT technology firm wouldn’t be enough to help you?

Why your cybersecurity firm who works with your internal or external IT department isn’t enough to protect you?

These are great questions, and the answers are simple.

Your cyber and IT staff can’t protect your business all the time. Something will happen beyond everyone’s control and their insurance won’t cover you, and you will be stuck in a bad situation.

Every day we see more and more impact from cyber security. The fallout from major attacks like the Microsoft Exchange, SolarWinds, Kaseya just to name three that are recent are having major ripple effects throughout the entire technology world.

Economic Outlook 2022: Dennis Brobston

January 17, 2022January 17, 2022

Dennis Brobston, president, Saratoga Economic Development Corp.
Courtesy Saratoga Economic Development Corp.

By Dennis Brobston

One of our beloved presidents, Abraham Lincoln, once said “The best way to predict the future is to create it.” That is our belief at Saratoga Economic Development Corp. (SEDC).

Creating Saratoga County’s economic development future has been our mission for over 43 years of existence. Working with SEDC to create our economic future are many partners: Saratoga County and local governments, Saratoga County businesses large and small, our Industrial Development Agencies (IDAs), universities and colleges and our K-12 school districts, to name a few. Over the last decade, SEDC and our stakeholders helped to create over 1,700 new jobs with over $170 million in payroll while retaining over 2,050 existing jobs at Saratoga County companies.

The year 2021 was another strange year as we all continued to adapt thru the ongoing COVID-19 pandemic. Like 2020, we were thrust into uncharted waters for supporting our existing businesses in Saratoga County while marketing our region for new and exciting companies looking for fertile ground to grow their businesses. And like 2020, this past year of 2021 proved to be another banner year delivering over $110 million in new investment while creating 182 new jobs and over $11.5 million in payroll.

Over the last two years, we have supported $232 million of investment creating over 629 jobs with over $38 million in new payroll while retaining 730 existing jobs. The years 2020 and 2021 are the first back-to-back years with more than $100 million investment in our 43-year history. We are thankful for all of the projects that allowed us to excel during this pandemic.

Promoting Saratoga County’s sites and buildings to site selectors across the country and throughout Europe will continue in 2022. Our efforts to create more product (pre-zoned sites and buildings) continue as we work with our municipalities eyeing this type of growth. “On spec” flex space is being built regularly in Saratoga County and the support of the Saratoga County IDA and the Town of Clifton Park IDA is vital to that continuing.

Economic Outlook 2022: Stephen Kyne, CFP

January 17, 2022

Stephen Kyne, partner, Sterling Manor Financial LLC in Saratoga Springs.
Courtesy Sterling Manor Financial LLC

By Stephen Kyne, CFP

Who would have thought that we’d be starting the third year of life in a pandemic? Certainly it has had a huge impact on the economy in the last two years, and we all look forward to its influence waning. As we enter 2022, we’d like to offer our thoughts about how we see the year playing out for the economy.

In order to look ahead, we must first take stock of where we’ve been. 2021 was a fairly volatile year for the economy. Depending on which polls you read, the public was often equally (or more) concerned with the economy than it was with the ongoing pandemic. Given many of the leading economic indicators, it’s easy to understand why.

Inflation has been a primary concern. In 2020, as a response to the near-total shutdown of our economy, the government flooded the economy with trillions of dollars. In a typical year, according to the Federal Reserve, the money in circulation grows by about 6 percent.

In 2020, the money in circulation grew by about 30 percent. Meanwhile, supply chain issues, which persist today, meant that in-demand goods were hard to come by. The recipe for inflation is simply too many dollars chasing too few goods. We certainly had both in spades. As a result, inflation in 2021 ran about 7 percent – the highest in forty years, according to the Department of Labor.

For much of the year, the Federal Reserve insisted that the majority of the increase in inflation was “transitory”; a position with which we disagreed. While we think the inflation picture will improve in the years to come, we think it will be several years before we see the Fed’s target rate of 2 percent. Prepare for another year of increasing prices.

The employment landscape has been a hot topic in the past year, with what has been dubbed the “Great Resignation.” This revolves around the notion that there is an employment revolution and realignment, whereby workers are quitting their jobs en masse to pursue better opportunities, often involving working from home. According to ZipRecruiter, nearly 60 percent of workers indicate they would like a job that allows them to work from home, but only 10 percent of jobs offer than option and that number is likely to shrink as we enter post-pandemic life. The office is not dead.

Economic Outlook 2022: Rene A. Walrath

January 17, 2022

Rene A. Walrath is the president of Walrath Recruiting Inc.
Courtesy Walrath Recruiting Inc.

By Rene A. Walrath

In 2022, hiring, recruiting, and retaining talent will continue to rapidly transform. The unemployment rates are continuing to rise and the Great Resignation will continue on in this upcoming year. This leads us to ask what will recruiting top talent look like this year?

The Great Resignation is caused by people quitting their jobs in large amounts due to low wages, poor benefits, a lack of work-life balance, and overall unhappiness at their current role. These employees are currently trying to find a job that is a better career fit for them and offers a better balance.

Retaining talent and recruiting in 2022 will be centered around responding to these changes in the employee or candidate’s expectations due to the pandemic.

The beginning of this pandemic forced many employees to work from home as offices shut down, which in turn caused the realization of how productive employees can be from home. Some of these employees enjoyed the remote work and the extra time that came with working from home.

Employees now are pushing for hybrid and remote jobs where they have the ability to add flexibility into their schedule. Companies will continue to adapt to these candidate expectations in order to retain employees during a historic labor shortage by offering a workplace that fosters a better work life balance.

COVID-19 revealed to employers how important mental health is for everyone. During a time where there is a global talent shortage—the Great Resignation—employers will continue to attract top quality candidates through increasing their workforce’s health and fostering a healthy work environment both physically and mentally.