Loan Wolcott Cold Storage

Wolcott Cold Storage, Inc. will benefit from a $2,000,000 loan made by Fleet Bank and guaranteed by USDA, Rural Development.

The loan will be used to construct a 26,000 square-foot frozen storage warehouse. Expansion of the warehouse would allow the business to process 40 million pounds of apples annually, providing nearly year round employment to their 55 employees.

The Business and Industry Guarantee Loan Program helps to stimulate rural economies by providing financial backing for rural businesses. This program guarantees up to 80% of a loan made by a commercial lender. Loan proceeds may be used for working capital, machinery and equipment, buildings and real estate. The primary purpose is to create and maintain employment and improve the economic climate in rural communities.

USDA, Rural Development was created in 1994 to provide an improved quality of life for the nation's 53 million rural people. For more information on business programs, contact Kate Reale at Rural Development at (315) 477-6430.

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