FORESTPORT — New York State Comptroller Thomas DiNapoli and the New York Business Development Corp. (NYBDC) on Wednesday announced a loan of $3.2 million to Nirvana Water, a maker of bottled water based in Forestport in Oneida County.
With the NYBDC loan, and other funding sources, Nirvana Water has purchased a high-speed bottling line that will produce 12 million cases of bottled water annually and will increase the company’s workforce by 50 people, the state comptroller’s office said in a news release.
Nirvana Water, a family-operated business that currently employs more than 100 people, is the only supplier of water from the Nirvana Springs located on 2,000 acres of wilderness, DiNapoli’s office said.
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Nirvana distributes its bottled water under the company’s own label throughout the Northeast and has customers in the Midwest and Southwest.
Since 1987, the New York State Common Retirement Fund has allocated $400 million to be used for loans for New York–based small businesses through the NYBDC, DiNapoli’s office said.
The agency issues loans to small businesses for working capital, equipment or real property.
“Working with the New York Business Development Corporation, the [retirement fund] has helped 1,000 small businesses expand and grow in New York while achieving solid investment returns,” DiNapoli said in the news release.
NYBDC has made $324 million in loans to over 1,000 small businesses around the state, according to the state comptroller’s office.
Contact Reinhardt at ereinhardt@cnybj.com
