There are some new opportunities for dairy farmers in Chenango County. The Development Chenango Corporation is creating a revolving loan fund. Our Melissa Kakareka tells us what it means for area dairy farmers.
NORWICH, N.Y. -- There's a new source of funding available to dairy farmers in Chenango County.
"We identified early on that one of the things we could do to help local farmers capitalize on the opportunities to produce more milk would be to have a economic development financing mechanism to help provide gap financing on their projects," said Development Chenango Corporation Director of Economic Development Jennifer Tavares.
Friday, the Development Chenango Corporation announced the details of a new revolving loan fund for Dairy Farmers in Chenango County. The fund is being established from money that Chobani has paid back to the development corporation. The DCC had loaned money to Chobani in the past for expansion projects.
"Basically, it did what it should do and it can do it again and the best thing is it can do it for the farmers," said Chobani President and CEO Hamdi Ulukaya.
Farmers who apply for the funding can use the money to do things such as increase their herd, fix milking parlors,or expand their farm.
"The ability to infuse funding into the industry is a real plus. It's difficult for producers in general with the current economy and situations at hand, and anything that will help expand that industry and maintain that industry is a plus," said Chenango County Farm Bureau President Bradd Vickers.
Providing an economic boost for both the dairy farmers and the Chenango County community.
"They have just an enormous economic impact, so if we can help them expand further, purchase more goods, purchase more animals, they are going to build more buildings, hire construction workers, there really is just a large economic impact when you give money to the farming industry," said Tavares.
Helping the largest economic industry in Chenango County grow even larger.
People who would like to apply for the loan fund can contact Development Chenango at (607) 334-5532.