COMMON MAPS
Map version new-york activity top-down
Main site Contact
Menu
↑ parent activity group ·
research dossier

OLEAN BUSINESS DEVELOPMENT CORPORATION
OLEAN, NY · EIN 455371087 · Form 990 · FY2025 · NTEE S20 · Community Improvement · Medium ($1M-$10M) · oleanbd.com
revenue
$1.4M
expenses
$1.0M
net assets
$2.5M
employees
8
program ratio
82%
mission · from form 990

To benefit youth through mentoring and skills development; to benefit families by creating a connection to community leaders, resources, and service opportunities; to benefit small businesses by providing training, coaching, resource connections, networking, and collaboration; and to benefit the community by retention of youth, supporting the development of a better prepared labor force, encouraging stronger businesses, and improving regional economic conditions.

profile · synthesized from sources

Olean Business Development Corporation is a nonprofit supporting small businesses and entrepreneurs in the greater Olean, NY area. It offers programs including the Laine Business Accelerator, a revolving loan fund, and initiatives to attract and retain talent through storytelling and community engagement. The organization also fosters regional economic development by supporting business growth, job creation, and inter-organizational collaboration.

named programs · 5 · from sources

What they call their work

Come Home, Stay Home
Video series and outreach initiative highlighting stories of young professionals and entrepreneurs who have returned to or remained in the Olean area.
Entrepreneurship Through Acquisition
Facilitates the sale of existing small businesses by connecting retiring owners with prospective buyers to retain community wealth and services.
Laine Business Accelerator
Thirteen-week program providing training, coaching, and strategic support to local entrepreneurs to help grow and expand their businesses.
Revolving Loan Fund
Provides loans ranging from $5,000 to $100,000 to startups and early-stage businesses in the Olean area to support job creation and sustainability.
The Hub
Co-working and event space supporting entrepreneurs and small business owners in downtown Olean.
activities · 10 groups

What they do

  • Regional Economic Development Initiatives 5 activities
    • Entrepreneurship Through Acquisition and "Come Home, Stay Home" programs
      Operates the "Come Home, Stay Home" and Entrepreneurship Through Acquisition programs to support entrepreneur recruitment and business transition matchmaking in the Olean region.
    • Job creation and business revenue growth support
      Delivered programs and services that contributed to the creation of over 100 jobs and increased revenue for local business owners in the Olean region.
    • Regional collaboration through CATTalyst COllective
      Participates in the CATTalyst COllective, a regional network of economic and entrepreneurial support organizations, to strengthen local business ecosystems.
    • Regional entrepreneurial activity promotion
      Collaborated with Camoin Associates to highlight and promote entrepreneurial activity in Cattaraugus County, including the Laine Business Accelerator and CATTalyst COllective.
    • Storytelling and recruitment video series
      Produces a video series highlighting individuals who have returned to or chosen to remain in the Olean area for work, family, or community reasons, to support talent retention and entrepreneurship recruitment.
  • Small Business Technical Assistance 2 activities
    • Small business training, coaching, and networking
      Supports small businesses through training, coaching, and networking initiatives to promote local economic development.
    • Transition matchmaking initiative
      Runs a transition matchmaking initiative to support small business succession, supported by the Springboard 2025 Grant and funding from the Center for Regional Strategies.
  • Professional Networking Events 1 activity
    • Hosting entrepreneurial events and seminars
      Hosts events including storytelling sessions on entrepreneurship-through-acquisition, educational seminars on business exit strategies, and recruitment events for prospective entrepreneurs.
  • Startup Acceleration & Business Growth Support 1 activity
    • Laine Business Accelerator program
      Runs the Laine Business Accelerator, a 13-week training program that supports local businesses in marketing, strategic planning, financial management, and expansion; graduated 11 businesses in 2023 and eight in its fifth cohort in 2025.
  • Facility-Based Service Delivery 1 activity
    • Operation of The Hub co-working space
      Operates The Hub, a co-working space designed to support entrepreneurship and innovation in the greater Olean area.
  • Annual Impact and Evaluation Reporting 1 activity
    • Publication of annual reports
      Prepares and publishes annual reports summarizing organizational activities, including a 2025 report covering the past year’s initiatives.
  • Library and Community Facility Renovation 1 activity
    • Revitalization and repurposing of historic buildings
      Acquired and renovated the former Olean Business Institute building, a historic 1895 structure in downtown Olean, investing over $1.5 million in renovations and repurposing it as Laine Place.
  • Small Business and Nonprofit Lending 1 activity
    • Revolving Loan Fund administration
      Administers the Revolving Loan Fund (RLF) to provide financial support to startups operating less than three years, with a focus on job creation and sustainability; all initial funds were disbursed by January 16, 2025.
  • Public Awareness and Educational Outreach 1 activity
    • Workforce/Job Demand Video Series production
      Produces a video series to inform workforce development by highlighting job demand and labor market trends in the region.
  • Youth One-on-One Mentoring 1 activity
    • Youth mentoring and family support services
      Provides mentoring and skills development for youth and connects families to community leaders and resources.
financials · form 990 · fy2025
revenue
Total revenue$1.41M
Contributions & grants$1.21M86%
Program service revenue$21K2%
Investment income$40K3%
Other revenue$132K
expenses
Total expenses$1.00M
Program expenses82%
Admin / overhead18%
Fundraising0%
Salaries & benefits$387K
Grants paid out$199K
Largest expense lineCompensation
balance sheet
Total assets$2.95M
Cash$134K
Investments$805K
Liabilities$496K
Net assets$2.45M
Liquid reserves11.2 mo
6 years on record · 2020–2025 · YoY revenue -19.7%
leadership · form 990 part vii · fy2025

Who runs it

paid leadership · 1
NameTitleHours/wkCompensation
BOB FORNESS PRESIDENT/CEO 40 $115K
board members · 9
  • BRENT DRISCOLL — Director
  • COREY WIKTOR — Director
  • DANIEL DEMARTE — Secretary
  • JAMES E STITT — Past Chair
  • KIRK WINDUS — Director
  • MATRECIA JAMES — Director
  • MICHAEL FISCHER — Finance Chair
  • MICHAEL SMITH — Vice Chair
  • STEVE MCCLAIN — Chair
relationships · 16

Who they work with

  • CATTalyst COllective Coalition — Member of the CATTalyst COllective, a regional team supporting economic and municipal development.
  • CATTalyst Collective Partner — Partners with CATTalyst Collective to support regional economic development.
  • Camoin Associates Partner — Collaborated with OBDC to highlight entrepreneurship-led economic development in Cattaraugus County.
  • Cattaraugus County Industrial Development Agency Partner — Executive Director of OBDC also holds leadership role, indicating organizational collaboration.
  • Cattaraugus Region Community Foundation Partner — Shared leadership with OBDC Executive Director serving on board, suggesting strategic alignment and partnership.
  • Center for Regional Strategies Funder — Provided a grant to support OBDC's transition matchmaking initiative.
  • Cutco Corporation Partner — Cutco Corporation executives, including James E. Stitt and Steve McClain, have held leadership roles in the Olean Business Development Corporation.
  • Cutco Corporation Partner — Cutco Corporation leadership, including James E. Stitt and Steve McClain, has played a key role in founding and leading the Olean Business Development Corp.
  • Cutco Corporation Partner — Multiple board members affiliated with Cutco Corporation, indicating institutional partnership.
  • Cutco Theater Partner — Hosted the Laine Business Accelerator community showcase event.
  • Jamestown Community College Partner — Collaborates with JCC through shared programming related to innovation and entrepreneurship, including featuring JCC staff in the Come Home, Stay Home series.
  • Laine Business Accelerator Partner — Partner organization providing business acceleration services; jointly supported entrepreneurs such as Amy R. of a local flower shop.
  • Main Light Strategies Government — Lead organization for the Springboard 2025 Grant that supports OBDC’s Transition Matchmaking program.
  • OBDC RLF Committee Partner — Committee responsible for reviewing loan applications and making funding decisions for the Revolving Loan Fund.
  • Ralph C. Wilson Jr. Foundation Funder — Funded the Springboard 2025 Grant supporting OBDC’s Transition Matchmaking initiative.
  • Ralph C. Wilson Jr. Foundation Funder — Receives support from the Ralph C. Wilson Jr. Foundation for participation in the CATTalyst COllective and related initiatives.
strategies · 4

How they approach the work

Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.

  • Business Ownership Transition Support
    methodology: transition-matchmaking
    By facilitating the transfer of existing businesses through matchmaking and preparation, the organization preserves local wealth and essential services because continuity in ownership sustains economic stability and community resilience.
  • Capital Access Acceleration
    methodology: revolving_loan_fund
    By providing rapid, flexible financing through a revolving loan fund, the organization increases startup survival and growth because timely access to capital is a critical bottleneck for early-stage entrepreneurs.
  • Entrepreneurial Ecosystem Development
    methodology: entrepreneurial_ecosystem_development
    By building a connected network of support services, capital access, and collaborative partnerships, the organization fosters regional economic growth because sustainable entrepreneurship thrives in coordinated, resource-rich environments.
  • Historic Building Rehabilitation as Economic Catalyst
    methodology: historic_rehabilitation_and_reuse
    By repurposing vacant and historic buildings into active business hubs, the organization stimulates local economic development because physical revitalization attracts entrepreneurs and reinforces community identity.