Two Northern New York resorts will use loans totaling $600,000 to help pay for improvement projects.
The board of the North Country Economic Development Fund (NCEDF) approved the loans during a meeting held in White Plains, the New York Power Authority (NYPA) said in a news release.
North Woods Inn and Resort in Old Forge in Herkimer County will use a $300,000 loan for a planned renovation that will support 30 jobs.
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Swan Bay Resort in Alexandria Bay in Jefferson County will use a $300,000 loan for a multi-million-dollar project to develop the resort. The project will include capital improvements and new equipment. Swan Bay expects the effort will support 17 jobs.
NYPA, headquartered in White Plains, and the Development Authority of the North Country, based in Watertown, administer the fund, according to the news release.
Established in 2014, the $10-million NCEDF provides low-cost loans to businesses expanding and creating or retaining jobs in the North Country.
The fund is available to businesses in St. Lawrence, Clinton, Franklin, Essex, Jefferson, Lewis, Hamilton and Herkimer counties and enterprises within the New York boundaries of the Akwesasne Mohawk Reservation.
The loans are available for manufacturers, agribusiness, clean and green bio-technology firms, assemblers and wholesale distributors, warehouses, to buy land, machinery and equipment, and for construction and rehabilitation purposes.
Funding is also available for business-improvement districts and nonprofit entities for community-revitalization projects, according to the NYPA news release.
Contact Reinhardt at ereinhardt@cnybj.com
