As COVID-19 numbers continue to increase, Ulster County is stepping up to assist small businesses as a part of its Resilience Economic Plan
Arrowood Farms has been awarded a $100,000 loan through UCEDA’s Revolving Loan Fund to allow for their continued expansion
Maria Cabrera Alterations has been awarded over $30,000 through the Ulster Equity Loan program that offers stabilization loans to Ulster’s women and minority-owned businesses
KINGSTON, NY - Ulster County Executive Pat Ryan announced today that the Ulster County Economic Development Alliance (UCEDA) has successfully launched new support for entrepreneurs to combat the ongoing economic stress in our region. This is a part of the County’s Resilience Economic Plan for small businesses announced earlier this week. As the County sees a continued uptick in COVID cases and growing economic pressures, County Executive Ryan remains committed to assisting local businesses during these unprecedented times. Two local businesses recently received funding at critical moments for their business. A $100,000 loan was awarded to Arrowood Farms through UCEDA’s Revolving Loan Fund and over $30,000 was also awarded to Maria Cabrera Alterations through UCEDA’s Ulster Equity Loan program.
“Running a business can be a challenge under regular circumstances and now more than ever, we must help our small business owners,” County Executive Pat Ryan said “The funds being awarded to Arrowood Farms and Maria Cabrera Alterations exemplify the diversity of UCEDA’s support programs for local entrepreneurs and highlight Ulster County’s commitment to helping expand and maintain our small businesses during this incredibly difficult moment.”
The Accord-based farm brewery and distillery earned a 2018 Empire State Development grant for $360,000 to grow its facilities, expand production of its beer, launch a new distillery, reduce overhead costs, and create more job opportunities for local residents.
With the completion of their years-long expansion project and the launch of their distillery and a new farm-to-table kitchen concept called The Apiary over the summer, Arrowood has achieved immense growth at an unprecedented time.
“We are proud to be a part of this vibrant economy. Ulster County is where we find unending inspiration for our beer, for our spirits, for the foods we serve," said Blake Arrowood, co-founder and managing partner, Arrowood Farms. "We are grateful for this opportunity to keep growing and creating and doing what we do best: showcasing the beauty of the region we call home.”
"UCEDA's Revolving Loan Fund (RLF) is such an empowering tool for Ulster's businesses, as the interest from loans helps us recapitalize the fund, replenishing the monies available and enabling UCEDA to make future loans," said Sarah Haley, UCEDA Board of Directors Chairperson. "I can't think of a more worthy recipient than Arrowood Farm Brewery & Distillery, which showcases the very best of the farms, food, and people here in the Hudson Valley."
"Maria is exactly who this loan program was designed for," says Ann Finnegan, Director of Small Business Lending for the National Development Council (NDC). "Working with her to underwrite this loan, we got to know her and hear her story of incredible bravery and determination. We are here with NYForward’s super-flexible working capital resources to keep small businesses like hers open through the pandemic and thriving in the future."
NDC is an economic development nonprofit, and one of five Community Development Finance Institutions that is underwriting New York Forward Loan Funds.
While diverse, both Arrowood and Maria Cabrera Alterations align with the vision of Ulster 2040. The report, which was co-authored by local stakeholders in the public and private sectors, outlines the beginning of the process to create a people-centered economy in Ulster County over the next 20 years.
Earlier this week, Ulster County Executive Pat Ryan announced the expansion of the County’s Resilience Economic Plan for small businesses, including a collaboration that has more than doubled the capacity of the County’s Economic Development team. The expanded capacity, which will enable a 24-hour or less response time for business needs, is created through a partnership with the Mid-Hudson New York Small Business Development Center and the Ulster RESPOND team. The Resilience Economic Plan is designed to help carry Ulster’s economy through the second wave of COVID-19 and into a brighter future. Four areas of focused support include: funding, safety, pivoting, and community.
To learn more about how Ulster County Economic Development Alliance can help your business, please visit ulstercountyny.gov/economic-development/ulster-county-economic-development-alliance
For general COVID-19 related information and questions, please visit our Ulster County COVID-19 Website, or call the Recovery Service Center at 845-443-8888.
For one-on-one business support call the Office of Economic Development at 845-340-3556 or email oed[at]co.ulster.ny[dot]us.