News & Insights

IDA Helping AG Businesses Grow

By Jennifer M. Flad
Executive Director County Of Sullivan Industrial Development Agency

Sullivan County continues to build upon its reputation for producing high-quality, artisan food and beverage products, many of which are made from locally and regionally grown and sourced agricultural goods.

The County of Sullivan Industrial Development Agency (IDA) is working to foster the growth of agriculture-related businesses by offering loan and lease financing through its AgriBusiness Revolving Loan and Lease Fund (ABRLF).

Through the ABRLF, new and existing agriculture-related businesses can access low-cost loans and equipment leases to help them grow and expand without making large upfront investments.

The ABRLF was created to facilitate the establishment and expansion of agricultural business activity, and to create employment opportunities within this sector. Agriculture has long been a key driver of Sullivan County’s economy, and while our agricultural industry has changed over the decades, it remains essential to our economy, our public health, and our overall quality of life.

Today agriculture and tourism are inextricably linked, as residents and visitors flock to farms, restaurants, bars, inns, and other destinations that offer local products to their guests.

The ABRLF is capitalized by grant funds that the IDA has received from the US Department of Agriculture. In recent years, the IDA has been awarded several rural business development grants, which are used to purchase equipment for various local food and beverage businesses.

These businesses in turn lease the equipment from the IDA. All lease payments are directed into the ABRLF, to be made available to other agriculture-related businesses. Current equipment lessees include Catskill Distilling Company in Bethel; Prohibition Distillery and Roscoe Beer Company in Roscoe; and Catskill Brewery in Livingston Manor.

All of these businesses purchase ingredients from local and New York State suppliers. Building upon the success of previous years, in 2017 the IDA was awarded two more US Department of Agriculture grants, to purchase equipment for the continued expansion of Catskill Brewery and the startup of Goodness Grainless, a new bakery to be located at the Narrowsburg Union. As in years past, all lease payments from these businesses will provide funding for the ABRLF.

Approximately $150,000 is currently available in the ABRLF, and the level of funding continues to grow as lease payments are made. Any agri-business in Sullivan County may apply for financing through this program.

Loan funds may be used for a wide range of business purchases including fixed assets, current assets, and permanent working capital. Lease funds may be used for the purchase of equipment by the IDA to be leased to any eligible agri-business. The ABRLF is intended to be used in conjunction with funding from banks and other traditional financing sources.

In addition to the ABRLF, the IDA offers several other loan programs that can assist many types of businesses in Sullivan County. For more information on the ABRLF or other loan programs, please contact the IDA at 845-2952603.