The funding from local banks will save over 5,000 jobs
KINGSTON, N.Y. – County Executive Pat Ryan announced today that Ulster County businesses have received nearly $120 million from the first round of the Payroll Protection Program (PPP). The funding, provided through local lending institutions, has helped to preserve over 5,000 jobs in Ulster County.
“I want to thank our local banks and lenders along with our tremendous Economic Development team who have stepped up to ensure that we provide critical support to our small businesses and our workers,” County Executive Pat Ryan said. “Earlier this week I outlined my plan to recover, reopen, and realign our local economy. To do this effectively we know we must take bold action, and work quickly and collaboratively. I’m so proud of the team effort we have already demonstrated, providing nearly $120 million in funding; now we must continue to push and work together.”
“I am very proud of the Ulster Savings Bank team and our partner Pursuit as they work in overdrive to get as many SBA PPP loan requests through as possible,” Ulster Savings Bank President Bill Calderara said. “County Executive Pat Ryan has been a real partner and has shown great support and leadership to our business community during these trying times. While I wish we could help every business in our markets, we have been able to provide funding of over $35 million, which represents over 2,500 jobs in our community.”
The funding through the Payroll Protection Program came from the Bank of Greene County, Catskill Hudson Savings Bank, Hudson Valley Federal Credit Union, Mid-Hudson Valley Federal Credit Union, Rondout Savings Bank, Salisbury Bank, Sawyer Savings Bank, Ulster Savings Bank, and Walden Savings Bank.
“Center for Spectrum Services administrators and board of trustees have closely monitored County Executive Ryan and his team’s response to the COVID-19 crisis,” PPP Recipient and Spectrum Services’ Administrative Director Susan Buckler said.“We couldn’t be more impressed. From daily briefings, to starting up the Project Resilience program, to assisting companies and organizations with PPP, his administration has risen to the occasion remarkably.”
“With the detailed information that the Ulster County Department of Economic Development provided through both emails and online meetings, and excellent assistance I received from the Manager at Key Bank, everything was a success, resulted in providing my company with the loan we needed to continue payroll and associated costs over the next 8 weeks; the loan proceeds were promptly deposited into our account,” PPP Recipient and President of Stewart Associates Cheryl L. Stewart said.
“Sometimes you really think you’re on your own as a small business, but one of the positives of this situation is that so many people have come together to protect what we all have,” PPP Recipient and Owner of Garvan’s Gastropub Garvan McClosky said. “From fellow restaurant owners to accountants to chambers to our bankers that, for the first time, I really feel part of the bigger business community, all in it together.”
Earlier this week, County Executive Ryan unveiled his Ulster County Resilience Economic initiative. The primary goal of the initiative is to accelerate and coordinate Ulster County’s economic development efforts in the wake of the pandemic. The plan aims to - Recover, Reopen, and Realign - Ulster County’s economy.
There are currently 1358 confirmed cases of COVID-19 and 37 fatalities in Ulster County.
For additional information about COVID-19 visit: https://ulstercountyny.gov/coronavirus
Ulster County COVID-19 Hotline: 845-443-8888
845-443-8888 NYS Coronavirus Information Hotline: 888-364-3065
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