The New York Job Development Authority will launch an Agriculture Loan Fund Program to address and help alleviate the economic barriers faced by many New York state’s small agribusiness owners.

The authority has provided $10 million in funding, which will be distributed as low interest loans by third party lenders.

“Agriculture continues to be a major part of New York’s economy, and with this funding we are providing the resources necessary to strengthen and grow this industry,” said Gov. Andrew Cuomo. “This program will knock down barriers and give new agribusiness owners the support they need to thrive, and grow in New York.”

Through the Agriculture Loan Fund Program, eight participating lenders will loan between $50,000 and $200,000 to eligible businesses. Qualified businesses include, but are not limited to, value-added processors, food distribution companies, food aggregators, craft beverage producers, and Food Hub participants. The projects may include the acquisition of and/or improvements to land or buildings, the purchase of machinery and equipment, and working capital used in support of the New York state agricultural industry.

Approved lenders include the New York Business Development Corporation and, in Western New York, the Southern Tier Enterprise Development Organization,. Inc.