WASHINGTON (NEWS10) – Recovery Assistance funding of $2.6 million is going to the Hudson Valley AgriBusiness Development Corporation. This federal investment comes from the Economic Development Administration (EDA) as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Specifically, this funding will be used to create a $2,088,000 Revolving Loan Fund (RLF), which will provide financing to small farm and food businesses and support the agricultural economy in Columbia, Dutchess, Greene, Orange, Sullivan and Ulster Counties. An additional $512,000 will fund technical assistance to operate the fund and assist recipients. This EDA grant is expected to create or retain nearly 300 jobs and generate $2 million in private investment.
“Having the support of Senators Schumer and Gillibrand and our local state legislators over the years has been instrumental in helping us advance the way HVADC supports upstate farmers and food businesses,” said Todd Erling, Executive Director of HVADC. “The funding of the Hudson Valley AgriBusiness RLF will enable us to build on our years of providing business technical assistance services to agribusinesses and allow us to expand our lending capabilities to further support their business models as they face changing market conditions and demand for local products.”
“Now more than ever, we need to support our small family farms and local producers as we rebuild New York’s economy. The COVID-19 pandemic has put a huge strain on regional food systems and businesses across New York State, and we must make the necessary investments to support their recovery and build local resilience,” said Senator Kirsten Gillibrand.