ALBANY – Governor Andrew M. Cuomo announced the New York Job Development Authority will launch an Agriculture Loan Fund Program to address and help alleviate the economic barriers faced by many New York State small agribusiness owners. JDA has provided $10 million in funding, which will be distributed as low interest loans by third party lenders.
“Agriculture continues to be a major part of New York’s economy, and with this funding we are providing the resources necessary to strengthen and grow this industry,” Governor Cuomo said. “This program will knock down barriers and give new agribusiness owners the support they need to thrive, and grow in New York.”
“New York is committed to continuing to support and grow its agriculture industry. This program will help the tens of thousands of small business owners who feed New York families every day,” Lieutenant Governor Kathy Hochul said. “The State is proud to promote its hard working farmers through Taste NY and new marketing programs to increase sales and expand resources available to our small agribusiness owners.”
Through the Agriculture Loan Fund Program, eight participating lenders will loan between $50,000 and $200,000 to eligible businesses. Qualified businesses include, but are not limited to, value-added processors, food distribution companies, food aggregators, craft beverage producers, and Food Hub participants. The projects may include the acquisition of and/or improvements to land or buildings, the purchase of machinery and equipment, and working capital used in support of the New York State agricultural industry.
State Agriculture Commissioner Richard Ball said, “We have so many talented small business owners driving an agricultural renaissance in New York with their incredible and innovative products. We’ve been proud to promote their hard work and boost sales of more than 1,100 local companies through our Taste NY marketing program. Now, with this new loan fund, those companies have an additional resource to help take their businesses to the next level, further supporting economic growth and job creation across the State.”
Approved lenders include:
- New York Business Development Corporation
Western New York
- Southern Tier Enterprise Development Organization, Inc.
- Pathstone Enterprise Development Corporation
- Delaware County Local Development Corporation
- REDEC Relending Corporation
- Hudson Valley AgriBusiness Development Corporation
- Mohawk Valley Rehabilitation Corporation
- Development Authority of the North Country
Applicants should contact lenders directly. To find out more about the JDA Agriculture Loan Program, call 212-803-3219.