WASHINGTON – The Hudson Valley Agribusiness Development Corporation will receive a $2.6 million federal grant to establish a revolving loan fund to lend in Columbia, Dutchess, Greene, Orange, Sullivan, and Ulster counties.
The money comes from the CARES Act, which provided the Economic Development Administration with $1.5 billion for economic assistance programs.
The funding creates 67 jobs, saves 220 jobs, and leverages $2 million in private investment.
“This grant is a sound investment that will create and save hundreds of critical jobs,” said Congressman Antonio Delgado (D, NY-19).
“Funding of the Hudson Valley Agribusiness RLF will support capital access needs, address the increasing demand for local food supply, and enable business to adapt operations to protect our local farms and regional food system,” said Todd Erling, executive director of the Agribusiness Development Corp. “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.”