Economic Development Authority Awards Third Business Assistance Program Loan to Beanbank Coffee Company
April 1, 2011
FOR IMMEDIATE RELEASE
Russell C. Seymour, Secretary Economic Development Authority
Mark Todero, President Beanbank Coffee Company, LLC
The Economic Development Authority (EDA) of James City County is pleased to announce its third recipient of business assistance through a program launched in January, 2010. The third company to receive assistance is a James City County Business and Technology Incubator client, Beanbank Coffee Company, LLC www.beanbankcoffee.com, founded by Mark Todero.
The EDA issued a $5,000 loan to Beanbank Coffee Company to continue online development and business growth. The loan will convert to a grant if conditions of a five-year performance based agreement are met.
Beanbank Coffee Company is an affinity marketing company offering collegiate licensed, private label coffee on a subscription model in direct partnership with alumni associations. “Alumni receive fresh roasted, gourmet coffee, while effortlessly supporting their alma mater…One Cup At a Time ™.” Current partners include Arkansas, Kansas State, Missouri, North Carolina State, Tennessee (VOLS) and Southern California (USC). Beanbank Coffee Company was formed in the spring of 2010 by its president Mark Todero, and moved from concept to signed contracts within 90 days.
“The EDA is pleased to offer assistance to a company that helps both educational entities and civic organizations assistance in fundraising,” said Tom Tingle, EDA Chairman.
The primary purpose of the James City County EDA’s Business Assistance Program is to augment the retention, expansion, relocation and development efforts of smaller primary businesses in James City County. The program’s ultimate goals are to create and retain quality employment opportunities, retain and expand the tax base, and thereby retain and grow those preferred smaller businesses which possess the qualities and attributes set forth in the 2008 Business Climate Task Force report.
The EDA presently funds the Business Assistance Program with administrative fees earned by the EDA through its revenue bond financing program. For more information about the business assistance program, please contact the Economic Development Authority of James City County at firstname.lastname@example.org or by calling 757-253-6607. Guidelines and applications are available online at: www.yesjamescitycountyva.com.