KERHONKSON – In Ulster
County’s continuing effort to boost its film, media and television
production business, County Executive Michael Hein Tuesday announced 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
ultimate goal of growing the sector locally and create more career opportunities
for Ulster County’s youth and industry professionals.
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.
County Executive Michael 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,” he said. The county executive also said
they want to create good jobs along with the production industry growth.
