10.22.14

SCHUMER, GILLIBRAND ANNOUNCE NEARLY $5 MILLION IN FEDERAL FUNDS FOR ULSTER COUNTY BUSINESS TO EXPAND PRODUCTION & CREATE JOBS

Tuthilltown Spirits Will Use Federal Rural Business Development Funds to Expand Distillery Operation, Create & Retain Local Jobs

Today, U.S. Senators Charles E. Schumer and Kristen Gillibrand announced that the U.S. Department of Agriculture (USDA) has provided Tuthilltown Spirits, LLC and Tuthilltown Holdings, LLC a guaranteed loan of $4,950,000 to expand its distillery operation. Tuthilltown Spirits is a popular farm distillery located in Ulster County that will use these funds to expand its business by creating larger production space. The company will also use these funds to create three local jobs and retain 56, refinance debt, and provide working capital funds.

“Small businesses are the lifeblood of our economy, and Tuthilltown Spirits and Holdings is a prime example of a an exciting and thriving new small business that is looking to expand, but needs a boost to do so,” said Senator Schumer. “This federally-backed loan guarantee is great news for Tuthilltown Spirits and will provide them the resources to needed expand their operation, create good-paying jobs, and generate increased business while producing quality, homegrown products. This funding will be a win-win for the company and for the entire local economy.”

“We need our local businesses to thrive if we’re going to have a strong and growing economy in New York,” said Senator Gillibrand, a member of the Senate Agriculture Committee. “Small businesses are the backbone of our economy and we must  ensure small businesses and entrepreneurs are a major focus for strengthening economic recovery. This is an important local investment that will help these small businesses expand and help drive economic growth.”

“We’re thrilled for the local and regional support for this project, especially from Senators Schumer and Gillibrand. This funding will be great for expansion and growth of our company,” said Brian Lee, co-founder of Tuthilltown Spirits LLC.

The Business and Industry Guaranteed Loans (B&I) program is a subsidiary project within the USDA Rural Development Program, geared toward improving the economic and environmental climate in rural communities. Tuthilltown received the loan from Empire State Bank and plan on pairing it with personal equity to complete projects in the future.  

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