ANNOUNCEMENT 07 Feb 2018
The state of New York will provide $10 million in loans to small agribusiness lawyers.
NUMBER OF INTERVENTIONS
On February 7, 2018 Governor Andrew M. Cuomo announced that 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. 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.