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New loan program to benefit region’s agricultural industry

The Genesee County Economic Development Center, in conjunction with Empire State Development Corp., has created a revolving loan program to assist the agricultural industry in the Finger Lakes region. 

“Growing the Agriculture Industry Now” Revolving Loan Program is aimed to assist local agricultural businesses that are using new technologies and expanding operations.

Through funding provided by Empire State Development, the program will provide loans to qualifying businesses in Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Wayne, Wyoming and Yates counties, all of which rank the top 10 agricultural counties in New York, officials said. 

The program will give priority to agricultural and related business projects, including food processing and operating farms, which support job creation and job retention, as well as farm diversification, such as participation in farm-based retail and wholesale markets, the GCEDC said.

“Growing our agriculture and food-processing industry is one of the utmost priorities of the Finger Lakes Regional Economic Development Council as it represents a crucial part of the region’s economy,” said council co-chairmen Anne Kress, Monroe Community College president, and Danny Wegman, Wegmans Food Markets Inc. CEO, in a joint statement.

“The revolving loan pool to support the capital needs of agriculture and food-processing companies, including new technology, diversification and expansion, will further advance the needs of the industry.”

For more information about the program, visit gcedc.com.

(c) 2016 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail rbj@rbj.net.

 

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