New York ski area, Hunter Mountain, has announced a new $4.8 million loan that will allow the resort to upgrade its lifts in coming years.
The KeyBank loan will be 90% guaranteed by the USDA Rural Development, a federal government agency that typically guarantees only 80% of such loans. The remaining 10% gap will be provided by the American Recovery and Reinvestment Act of 2009, a bill passed to stimulate the economy during the recent downturn.
“Today’s announcement is an example of how the Obama Administration is working to create jobs and rebuild and revitalize rural America to ensure the working people in small communities throughout the country have a brighter future,” Agriculture Secretary Tom Vilsack said on Friday in announcing the funding. “The loan guarantees we are announcing will help businesses to grow and promote job creation to promote economic opportunity in rural communities.”
Hunter has been working in recent years to upgrade the facilities. Currently, the resort is constructing a new high-speed six-passenger chairlift that will replace the Snowlite Express quad.