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Downtown Buffalo business district wins battle to add financial firm

Martin Desmarais | 6/24/2014, 6 a.m.
In what N.Y. Gov. Andrew M. Cuomo is calling a big win for the downtown business district of Buffalo, equipment ...
The city of Buffalo recently secured close to 100 jobs in its downtown business district with a deal to secure the headquarters of Blue Bridge Financial. Photo Courtesy of City of Buffalo. Courtesy of City of Buffalo

Equipment financing firm Blue Bridge Financial — after considering out-of-state-options — has decided to set up new headquarters in the historic Electric Tower in Buffalo’s central business district. The move keeps Blue Bridge’s current 12 jobs in the area and will create 71 new jobs over a five year period.

“Blue Bridge Financial’s decision to expand their operations in Buffalo after considering out of state alternatives is a testament to the advantages that Western New York offers to growing businesses,” Gov. Cuomo said. “From the region’s highly-qualified workforce to its competitively priced office space, Western New York is a tremendous place for companies that are looking to increase their output and pursue new opportunities. I am pleased that the state was able to play a role in convincing Blue Bridge Financial to take a second look at Buffalo, and look forward to the company’s continued growth in the region.”

The state offered Blue Bridge, a direct lender and provider of equipment financing to equipment manufacturers and distributors, as well as small businesses, an incentive package to set up shop in the downtown business district. The company qualified for up to $586,173 in performance-based Excelsior Jobs Program tax credits from Empire State Development, the state’s economic development agency, in return for its proposed investment and job creation commitments.

Blue Bridge Financial President Brian Gallo said that the quality office space of the Electric Tower, combined with the job growth incentives provided by New York State, offered his company the potential to continue its significant growth and expand its product offers.

Blue Bridge also has offices in Tampa, Fla., and San Francisco.