(HARRISBURG) – Senator Joe Scarnati (R-25) Friday announced approval of a $350,000 state loan to boost the export potential of a Tioga County maple syrup producer.
Scarnati explained that the 3.25 percent loan was approved for Rocky Ridge Maple Farms of Middlebury Center by the Pennsylvania Industrial Development Authority. The Northern Tier Regional Planning & Development Commission applied for the funds on behalf of Rocky Ridge Maple Farms.
“Keeping jobs in our country and helping local businesses thrive is an important part of ensuring a strong future,” Scarnati said. “Pennsylvania agriculture helps feed the nation and the world, and this loan will help our region take part in the flourishing agricultural export business.”
The loan was secured via the Commonwealth’s Export Finance Program (EFP), administered by the Department of Community and Economic Development. The program is designed to increase the level of foreign exports and the number of exporting companies in Pennsylvania.
EFP provides assistance for two types of export financing projects: working capital financing for pre-export working capital needs, and, as in the case of this loan, accounts receivable financing for post-export assistance.