The Finger Lakes Economic Development Center’s new lending initiative is called the FLEDC Agricultural Loan Fund. This new opportunity has been made available by funding through a successful $750,000 grant application from Empire State Development.
A statement released by FLEDC to announce the initiative says the program is available to businesses involved in viticulture and organic operations, value added and other related businesses located in Yates County.
Businesses can borrow up to $150,000 for five years at an interest rate of 25 percent of prime or a minimum of 1 percent.
“It is no secret that viticulture and organic operations are the two fastest growing sectors of agriculture in Yates County,” says Ryan Hallings, of the FLEDC, adding, “Our goal with this program is not only to help farmers increase production, but also to create or expand businesses that are buying, processing, marketing, and selling these goods. This program will expand the market for these products by increasing the supply and demand.”
Hallings says FLEDC staff and directors are excited about the program. “It is just one more tool created by the FLEDC to further stimulate economic growth and create job opportunities in Yates County,” he says in the announcement.
For details about the program, contact Hallings at FLEDC at 315-536-7328 or ryan@fingerlakesedc.com.
