SARATOGA SPRINGS — The Wesley Community has announced that Jenna Lord has been appointed Director of Nursing at Wesley Health Care Center in Saratoga Springs. 

In her role, Lord is responsible for leading and supervising the nursing staff and overseeing the care provided to residents at the Wesley Health Care Center. She has extensive health care experience and previously served as Assistant Director of Nursing at Wesley Health Care Center. 

Lord will work closely with Wesley administrators to develop policies and procedures to maintain a safe and efficient workplace while also bringing forth new clinical opportunities. 

Lord has been an active member of the Wesley Health Care Center team since 2008, where she previously worked as both a licensed practical nurse and as a resident nurse unit coordinator. 

Visit www.thewesleycommunity.org 

ALBANY — Alaant Workforce Solutions, the Capital Region’s leading professional workforce services firm, is strengthening its commitment to helping organizations recruit and hire top talent amid a historically challenging job market with the addition of two senior professionals to its staff. The hiring of Michelle Conn and Lauren Valentine reinforces Alaant’s ability to serve a fast-growing client base, an expansion that has been rapidly accelerated by the impact of the COVID-19 pandemic on the workplace. 

Joining Alaant as Senior Talent Acquisition Managers, Conn and Valentine bring more than 30 years of combined experience in assisting organizations of all sizes, and across multiple industries, in building high-performing teams. With demonstrated expertise and a proven track record of success, they will be significant assets to Alaant’s expanding clientele as the firm sees 30% growth in job placements, and a 50% increase in direct hire revenue, over last year. 

Conn is rejoining Alaant following a stint at one of the nation’s leading biotechnology companies. Her recruiting experience of more than 20 years spans financial services, marketing and advertising, high-growth startups, and biopharmaceuticals. She excels in sourcing to fill mid- to executive-level positions, particularly in marketing, creative, finance, human resources, regulatory/compliance, and supply chain. She has also completed the SHRM Veterans at Work Certification, gaining unique insight into the value skilled veterans bring to the civilian workplace. 

Valentine has spent the past decade as a sales consultant and manager, working closely with business owners and leaders to help them develop and grow high-achieving sales teams. Her experience includes providing critical support during the hiring process to identify and qualify “right fit” candidates, an experience she will build on in her role with Alaant. 

With so much recent focus on this country’s all-too-regular debt ceiling drama, I want to spend a moment to make a proclamation: debt is not a bad thing. The caveat (as I will tell my son with his Halloween candy) is some is good, but too much can be very bad. I will even take it a step further and say, when used correctly, debt can be a very powerful tool to maximize one’s wealth. It gets a bad rap from the media and famous financial authors because it is very easy to misuse, but let’s examine with a practical lens what exactly debt represents and how it can help or hurt.

In the financial world, the word “leverage” is sometimes used to describe the amount of debt that a person or company has. Looking at the base of that word, we can see the primary use for debt: using a little to move a lot. The easiest example is taking out a mortgage to buy a house. With $40,000 of cash, assuming the standard 20% down-payment, you can purchase a $200,000 asset by signing a few pieces of paper promising to pay it back. Of course, you must pay interest on the amount borrowed, but the instantaneous increase on the asset side of your balance sheet is the effect of leverage. This can be seen in all areas of our economy. From residential housing to small business loans to government bonds – borrowed money is the lifeblood of our economic system. It allows us to take risks and companies to innovate.

Continuing with the example of the mortgage, a very common question arises in our line of work: “should I pay down my mortgage faster?” As we like to say around here, “it depends.” By paying a mortgage down faster or selecting a 15-year instead of a 30-year, you are limiting your options and potentially incurring an opportunity cost with that money. Some people sleep better at night knowing they won’t have a monthly auto-draft from their checking account, but that mentality does have its costs. For one, as you put extra money towards your house, the equity you build is not exactly liquid, meaning if an immediate need arose, good luck getting the bank to rush that home equity loan to pull some money out. Secondly, money that gets used to repay the bank could be deployed elsewhere into  even a modest investment strategy. With interest rates being so low, the rate of return “hurdle” to clear is barely off the ground. 

Lest we go too far with what may seem like a love of borrowing money, let’s snap back to reality and realize the sobering fact that it is far too easy to get carried away and borrow more than is affordable. The wounds of the housing bubble are still fresh almost fifteen years later. Credit card revenues are built on people spending money they don’t have and those balances can balloon in the blink of an eye. How can this be avoided? Approach your finances with the eye of a credit bureau. Look at not only the total amount of debt you carry, but also the monthly payments it takes to service that debt. Cash flow and household balance sheets go hand in hand. Another way to efficiently manage debt is to focus on productive assets with your debt. A house that should appreciate in price over the life of the mortgage = good. The all-inclusive vacation with the unlimited drink package that gets put on the plastic = not great. Car loans would be a gray area because a car is a rapidly depreciating asset, but interest rates are at a level where a loan would be palatable.

Many of these money decisions don’t have a right or wrong answer. Everything exists on a continuum. Personal finance can be an emotional topic and debt can magnify those emotions. During our process, we examine the entirety of your financial situation and make suggestions from an objective viewpoint. So what do you think? Is your debt working for you or against? If you’d like to talk to us about it, reach out and let’s dive into the nuances together.

David Rath, CFA is the Director of Portfolio Strategies at Continuum Wealth Advisors in Saratoga Springs. For more information, visit www.contwealth.com 

SARATOGA SPRINGS — Northwestern Mutual’s Anderson Financial Group, a leading financial security firm based in Saratoga Springs, has announced the opening of a new office located at 3257 Route 9. 

The team, led by Wealth Management Advisor Joseph M. Anderson, has continued to grow over the past few years. The office space is freshly renovated and includes a newly finished second floor, as well as a gym, well-equipped kitchen, and other amenities for the staff. Clients will appreciate the modern, professional atmosphere, easily accessible parking, and spacious meeting rooms. 

“We look forward to welcoming our clients to our new office and continuing to be part of the fabric of the Saratoga Springs community,” said Anderson. “Our firm has been helping secure the financial futures of families and businesses locally, and across the country for more than 40 years. We now have an amazing space to allow for our continued growth and higher level of service for our current and future clients.” 

In honor of their grand opening, The Anderson Financial Group presented a $5,000 check to the Warren & Denyse Mackey Foundation, which provides support for youth, under-served communities, and health initiatives. 

SARATOGA SPRINGS — Billy Benton, the founder of B&B Plumbing and Heating, passed away last week.

The company, which has been in business for over 20 years, will continue its plumbing and HVAC operations, and their 24/7 emergency line is still active.

A message from the company read “Billy was our fearless leader and he put all the workings in place to make sure we can keep operating just as well as we always have.”

For more information contact 518-584-4440.

GLENS FALLS — Arrow Financial Corporation (NasdaqGS® – AROW) is pleased to announce it was recently named to the prestigious Piper Sandler Sm-All Stars Class of 2021, a list of 35-top performing small-cap banks and thrifts in the country. 

Investment banking firm Piper Sandler Companies evaluated 386 publicly traded banks and thrifts with a market cap below $2.5 billion based on eight metrics, including: growth, profitability, credit quality, and capital strength. The field was then narrowed to the top 35. 

Arrow Financial Corporation is one of just five New York financial institutions on the list and the only one headquartered locally. 

“Arrow is pleased to once again be recognized nationally by Piper Sandler for our strong performance,” said President and CEO Thomas J. Murphy. “This achievement is a direct result of the Arrow team’s continued hard work and commitment.” 

MALTA — Wellspring has moved to a brand-new location with better accommodations for the services they provide to our community. 

This October, Wellspring moved to 2816 Route 9 in Malta. The new building was specifically designed and built for Wellspring and its mission. 

“We have been working on this for 10 years,” said Maggie Fronk, Wellspring’s Executive Director. “We outgrew our other building. This one is more visible, and has more room for programs and services to invite the community in.” 

Coincidentally, the ribbon cutting and launch of the new space that happened this month coincides with Domestic Violence Awareness Month. Wellspring is the domestic violence and sexual assault services resources in Saratoga and Warren Counties. Some of the services they provide include counseling, case management, creative programs for coping with or transcending crisis, and much more. Wellspring’s Project Hope and Power teaches skills for financial independence. They also provide educational and collaborative programs to increase awareness in the community. 

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Wellspring’s staff of 20 helps approximately 1,000 survivors a year through their in-person services and takes approximately 1,700 phone calls a year. But Fronk stresses that you don’t have to be in crisis to seek their services – all are completely free, confidential, and non-judgmental. 

“You don’t need to be in crisis to reach out,” said Fronk “It does not have to be you who is personally affected, but maybe someone in your life who you care about. We are available for anyone who needs help navigating a situation.” 

Fronk also added that the community can help Wellspring by learning more about how to assist someone in need; as mentioned previously you can invite Wellspring staff to come to talk to your school, team, workplace, organization, etc. They also take donations in the form of gift cards to help with basic needs, such as groceries and gas. You can reach out to Wellspring at 518-583-0280 or info@wellspringcares.org or visit their website at www.wellspringcares.org for more information on their services and/or how you can donate. 

Wellspring’s 24/7 free and confidential hotline is 518-584-8188 or live chat at www.wellspringcares.org. 

Not everything that happened during the pandemic was bad. In fact, the City of Saratoga Spring made significant progress building workforce housing. This started in 2020 with the opening of Intrada Saratoga.

Near the intersection of West Ave and Washington Street, Intrada Saratoga is an affordable housing project providing housing to families on a fixed income. There are 158 housing units, a gym, and community room. They host movie nights, ping-pong tournaments, and morning trail walks. It is near a bus line, 5 minutes from downtown, and has attracted individuals, families, young adults as well as seniors looking for an affordable place to live in Saratoga.

In 2021, the City added the Promenade Apartments to its list of successful workforce housing projects. This project was spearheaded by the Saratoga Springs Housing Authority. The Promenade includes a mid-rise building with 63 rental units and 22 town house apartments. The amenities offered to residents include a fitness room, a community room, laundry facilities and playground equipment. This development is downtown, on South Federal Street, behind the Stonequist apartments.

That’s a total of 243 new units of workforce housing. It’s a success story. A time to celebrate. To make this happen, our government, nonprofit and private sectors worked together. Now we need to do more of this. It’s an economic imperative, especially given what is likely to be a prolonged labor shortage. It’s also about fairness, equity, inclusion and doing the right thing.

So how can we do more of this?

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First, they worked because the properties worked. They were in good locations. Close to the downtown and on bus routes. Near large employers and employment centers. The neighbors didn’t oppose these projects. There were no lawsuits filed against the developer or the city by those who lived next door.

Second, they worked because the City collaborated and made it a priority to get the approvals needed locally for each to proceed in a timely manner. The reality is that the state provides grants to incentivize these types of projects. But if you don’t get the application in on time, you lose. 

Third, they worked because the developers knew what they were doing. They hired good teams for the design, approval process and construction. They had a track record to show the state that they could deliver on these promises. 

We have more properties in the city where additional workforce housing has been proposed or talked about. Like Intrada and the Promenade, these locations are also on bus routes and near employment centers. If flexibility is needed, we should do this. If there is a deadline, we should be sensitive to this schedule. Getting more workforce housing built on specific sites that make sense should be a priority. Let’s continue to collaborate to get these projects built. 

We might also want to take a look at how the room sharing industry may have disrupted our more traditional rental market. We know there are more than 800 properties in the city that are now regularly “rented” via online portals like AirBnB and Home Away. This number has risen every year. How many of these units were once rented to individuals and families that wanted to live here full-time? What, if anything, can or should we do about this? 

For the Saratoga County Chamber, getting more workforce housing built in the city and surrounding communities is a priority. It’s how we will be able to enjoy a healthy economy and a diverse, vibrant sustainable community. During our darkest days these past two years, we’ve seen how this can be done. Let’s do more. Let’s build back better.

SARATOGA COUNTY— The August unemployment rate in the Capital Region was 4.7%, which beats the state’s rate of 7.1% and the national 5.2% rate. This represented a drop of 3.3% in the past year, largely attributed to the resilient nature of our diverse economy of this part of the state. Other areas, with a larger resilience on certain segments such as tourism or, in the case of New York City, the hospitality/restaurant sector, remain at much higher level, according to information released by the New York State Department of Labor. 

Saratoga County, of course, does have a larger reliance on tourism dollars than other counties do, and yet in July the unemployment rate was at 4.2%. The reason is that tourism was on the rise in this county this year, and Saratoga Springs itself did very well, in contrast to a rather rough 2020 season. 

Where it gets interesting is in considering how the various curves of job growth, labor force participation rate, industry opportunity, and, unfortunately, COVID statistics intersect. 

Read the full story on Saratoga Business Report www.saratogabusinessreport.com 

SARATOGA SPRINGS — Kersia announces the signing of an exclusive agreement for acquiring a majority stake in AgroChem to pursue development in the U.S. 

A global leader in food safety, International group Kersia continues its international expansion acquiring majority stake in U.S.-based dairy hygiene specialist AgroChem beside the DeMarco family who remain minority shareholder. With this important milestone, Kersia becomes a significant player in the U.S. dairy farm hygiene market further reinforcing and diversifying its U.S. operations. 

AgroChem, Inc. is a family-owned and operated manufacturing company located in Saratoga Springs that specializes in supplying efficient products and solutions for hygiene challenges. AgroChem has experienced solid growth since its creation in 2005 and is now a leading U.S. dairy farm hygiene player.

The combined group will count on the solid experience of Robert DeMarco, the current AgroChem President who will continue to lead the company and to drive the development in the market while creating value for current and future customers. 

“We are excited to join Kersia in this new partnership to strengthen and develop our presence in the U.S. food safety market. With Kersia by our side, AgroChem will fortify its market-leading position in the U.S. dairy industry and pursue related markets where our combined products and technologies will impact food safety from farm to fork. Internationally, we are better positioned to grow key products in countries where Kersia is well established,” said DeMarco. “We will continue to foster innovation, develop our employees, and encourage the entrepreneurial spirit that has been key to our success. I have always felt that our goals and values are closely aligned and look forward to working with Sébastien Bossard [CEO of Kersia] and the Kersia team.” 

Already present in the food industry hygiene sector, this strategic acquisition allows Kersia to strengthen its presence in the U.S. farm market with a range of multi-species hygiene solutions. These complementary technologies, expertise, and human resources will enable Kersia to accelerate its international development and position itself to seize new market and acquisition opportunities in North America.