May 17, 2021
Award Will Establish Unique Loan Portfolio and Business Technical Assistance Program
HUDSON, NY – MAY 17, 2021 – The Hudson Valley AgriBusiness Development Corporation (HVADC) has been awarded a $2.6 million grant to further support farm and food businesses in in Columbia, Dutchess, Greene, Orange, Sullivan, and Ulster counties. The grant will enable HVADC to capitalize and administer a Revolving Loan Fund (RLF) to provide gap financing to agribusinesses in the region. It will create 67 jobs, saves 220 jobs, and leverages $2 million in private investment in the agribusiness segment in the Hudson Valley.
The award was made possible under the CARES Act, which provided the Economic Development Administration (EDA) with $1.5 billion for economic assistance programs.
The EDA released an announcement of the award on May 13. In that news, U.S. Secretary of Commerce Gina Raimondo; Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development; Richard A. Ball, New York State Department of Agriculture and Markets Commissioner; Senator Charles Schumer; and Senator Kirsten Gillibrand affirmed their support of the grant and HVADC.
Secretary of Commerce Gina Raimondo was quoted as saying “President Biden is working to deliver bold action and immediate relief for American businesses as the nation continues to respond to the coronavirus pandemic . . . This EDA investment in Hudson Valley Agribusiness Development Corporation will support a Revolving Loan Fund that will assist small businesses with their capital and equipment needs and help communities in and around Hudson build back stronger.”
Richard A. Ball, New York State Department of Agriculture and Markets Commissioner added that “The EDA’s Revolving Loan Fund, which is being provided to the Hudson Valley AgriBusiness Development Corporation, is critical to helping our agricultural community to recover. . . Our farms and food businesses faced unprecedented challenges this past year, including major market disruptions. This funding will ensure our farmers and producers have access to bridge funding to offset the financial difficulties incurred, allowing them to begin the process of building back better.”
Locally, an announcement of the grant to HVADC was also made May 13 by U.S. Representative Antonio Delgado (NY-19), who voted to pass the CARES Act.
In his announcement, Representative Delgado said “Under the leadership of Todd Erling, the Hudson Valley AgriBusiness Development Corporation has helped countless upstate farmers and producers . . . This grant is a sound investment that will create and save hundreds of critical jobs. I was proud to pass the CARES Act, which provided this funding, and will keep working to deliver economic development assistance to New York's 19th Congressional District.”
“Funding of the Hudson Valley Agribusiness RLF will support capital access needs, address the increasing demand for local food supply, and enable businesses to adapt operations to protect our local farms and regional food system,” said Todd Erling, Executive Director of HVADC. “These federal funds, coupled with state and regional resources, will build on our over 10 years of experience providing business technical assistance, which can include business planning, marketing, legal counsel, and financial advice for farmers to meet the increased demand for local products.”
The full EDA statement may be found at at U.S. Department of Commerce Invests $2.6 Million in CARES Act Recovery Assistance to Capitalize Revolving Loan Fund to Serve Small Businesses in Five-County Region of New York | U.S. Economic Development Administration (eda.gov), and the announcement issued by Representative Delgado’s office may be found at Rep. Delgado Announces $2.6 Million Hudson Valley Grant | Representative Antonio Delgado (house.gov).