Wednesday, October 11, 2017

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Ulster County grows film industry with new finance program


Hein: "We want to build on this momentum ..."

KERHONKSON – In Ulster County’s continuing effort to boost its film, media and television production business, County Executive Michael Hein announced on Tuesday creation of the county’s Film Finance Program.

In partnership with four banking institutions, the program will seek to encourage more film, media and TV productions in Ulster County with the goal of growing the sector locally and create more career opportunities for Ulster County’s youth and industry professionals, said Hein.

“Ulster County specifically has gone from having a huge competitive disadvantage in which it just couldn’t work with the economics for shooting here to now being a place where there is a huge economic incentive and advantage for shooting films right here and it’s more than just a short-term answer,” Hein said.

The banks making the new program possible are the Bank of Greene County, Catskill Hudson Bank, Ulster Savings Bank, and Wallkill Valley Savings & Loan.

The banks will initially pool a total of $8 million in 2018 with benefits to include cash advances on distribution contracts with top-tier distributors; bridge financing on approved state tax credits for bonded productions; local bank account and debit cards for qualified production companies; and favorable loans for property, equipment, capital improvements and lease fit-outs for post-production facilities in the county.

The program will be administered by the banks and promoted through the county’s Office of Economic Development.

Hein said local business associated with the film industry is thriving. “We want to build on this momentum and attract more film, media and television productions to choose Ulster County as their filming location.”  The county executive also said they want to create good jobs along with the production industry growth.

 


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