Local Software Company Receives Funding to Grow Services and Staff
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GSBDC helps Central Xchange expand to bring its substitute teacher management software, Sub-IT™, to school districts across the country. Syracuse, NY - Today the Greater Syracuse Business Development Corporation (GSBDC) announced it has granted a low-interest loan to Central Xchange, Inc. (CX) to help expand staff for sales and support of its Sub-IT™ software. Sub-IT™ allows mid-sized school districts nationwide to automate and improve the process of managing, finding and contacting substitute teachers for the estimated 10 percent of school teachers absent everyday. In addition, Sub-IT™ searches its database to identify the substitute teacher that best matches a preferred profile, ensuring the most qualified substitute available. As a high technology, start-up business, CX required additional working capital to expand. The Central New York Quasi Equity Fund provided that funding and allowed CX to retain equity. 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 GSBDC were able to provide CX with $162,000 in additional working capital. According to Michael Doyle, president and CEO of Central Exchange “This investment by the Business Development Council helps us reach out to a national market, and to hire local Syracuse employees who will support Sub-IT™ customers efficiently and professionally.” Mike Rosanio, Regional Loan Manager, CNYEDF, stated, “CX 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”. CX currently employs two full-time and one part-time staff and projects hiring up to 13 new employees in the next three years. Mr. Doyle said CX will be hiring a full-time customer service manager and two full-time sales staff soon due to current expansion activity. |