LOANS & GRANTS
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HVADC Agribusiness Loan Fund Program
HVADC has been named as a designated lender to help administer a recently established $10 million fund from New York State that will be available to assist local agribusinesses have easier access to capital. The Agribusiness Loan Fund Program is another tool to help provide access to capital for small agribusinesses that otherwise may face limited opportunities, not only supporting the success of these businesses but also improving the economic outlook for rural and surrounding communities.
In 2018, New York State announced a new initiative to provide a boost to agribusinesses and create job growth. The Agribusiness Loan Fund Program was developed to help the State’s value-added processors, farms, food distribution companies, food aggregators, craft beverage producers, regional Food Hub participants and more, with the expansion of their businesses. Through the New York Job Development Authority (JDA), which operates under Empire State Development (ESD), $10 million in funding is available to assist small agribusinesses across the state access low-interest loans ranging from $50,000 to $100,000 that are distributed through third-party lenders such as HVADC. Eight approved lenders have been named throughout the state, with HVADC focusing on the Mid-Hudson and Capital regions.
Eligible borrowers of program funds include value-added processors, food distribution companies, food aggregators, wineries, breweries, distilleries, cider producers, farms and Food Hub participants. Projects qualifying for loans primarily include the purchase of machinery and equipment used in support of the New York State agricultural industry.
In addition to serving as the third-party lender to administer the Agribusiness Loan Fund Program, HVADC is able to work with clients to complete their application, connect applicants with required resources or advisors to execute their projects, assist with business development consultation, solutions and more.
Eligible agribusinesses seeking capital for their next projects can reach out to HVADC Deputy Director, Mary Ann Johnson to learn more about the Agribusiness Loan Fund Program at 518-432-5360 or firstname.lastname@example.org
HVADC Programa de fondos de préstamos para agroindustrias de HVADC
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