Syracuse Company taps into Financing Offered by Local Economic Development Organizations
 Central
Xchange, Inc. (CX) was established in 2003 and is located at 109
South Warren Street, Syracuse, NY. They have developed a
proprietary, web-based software solution called Sub-IT™ that
automates the process of logging teacher absences and identifying,
contacting and placing substitute instructors for those absent
teachers. This product benefits the school districts with the rapid
filling of vacancies and more efficient use of staff time during a
typically intense period of the work day. In addition, the system
searches its database and identifies the substitute teacher that
best matches the required profile making sure students get the best
available substitute.As a start-up business, CX 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 $162,000 in additional working capital. According to Michael Doyle, president and CEO of Central Xchange, "This investment helps us reach out to a national market, supported by Syracuse employees who will be hired to train and support our growing Sub-IT™ customer base." Mike Rosanio, regional loan manager of CNYEDF stated, "Central Xchange 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." Central Xchange currently employs one full-time and one part-time staff. They will soon be adding a full-time customer service manager and two full-time sales staff as they expand their subscription levels. They are projecting to grow to six employees within one year and over 13 employees within three years. |
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| For more information on opportunities for your company to work with the GSBDC, call Lori Perrin, paralegal/closing officer, at (315) 470-1880 or go to http://www.gsbdc.com/. |