Jobs at risk as Greek Peak waits for loans
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CORTLAND COUNTY, N.Y. -- Over a thousand jobs could be at risk as a popular tourist destination in Cortland County battles financial issues.
The Greek Peak Mountain Resort has been under a fiscal crunch following a poor ski season this past winter. In addition to that, the resort's primary lender failed earlier this year, making it difficult for the company to obtain new loans.
Greek Peek has requested additional financing from the FDIC, the conservator of the previous loans, but those funds may not come in time for the upcoming ski season.
Senator Charles Schumer says he would like to see the FDIC speed things up.
"To expedite its review of the loan application, that would keep Greek Peak slopes bustling and employees busy this winter. To put it simply, Greek Peak needs an immediate lift to make it to the next ski season," Schumer said.
Before approving the application, the FDIC first must make sure that Greek Peak can handle additional loans by reviewing its current financial condition.