Provides $715K in Loans for Three Projects

— Projects for Red Jacket Orchards, NextSTEP Magazine, and startup Chosen Spot Brewing Co. represent a $4.9M investment in our community —

CANANDAIGUA, N.Y., June 26, 2009 — Members of the Ontario County Board of Supervisors last night approved $715,000 in loans from the county’s Revolving Loan Fund for three businesses planning more than $4.9 million in combined investments in our community: Red Jacket Orchards, NextSTEP Magazine, and startup Chosen Spot Brewing Co.

Loans approved by the Board of Supervisors are as follows:

• $420,000 in loan funds for Red Jacket Orchards, which will use the funds toward a $3.4 million, 22,000-square-foot expansion of its manufacturing operation and juicing and bottling facility in Geneva, creating 15 jobs.
• $145,000 for NextSTEP Magazine, which will use the loan to assist with a $425,000 purchase of the former bank located on Main Street in the Village of Victor, creating 5 jobs.
• $150,000 for startup Chosen Spot Brewing Co., which plans to invest $1.16 million in a new microbrewery operation located at 4048 Route 5&20 in Hopewell. The brewery will be housed in a rehabbed auto and truck repair facility; the company will use the loan to assist with equipment purchases and for working capital, creating 5 jobs.

Mike Manikowski, Director of the Office of Economic Development, said the loans are critical to the three companies and the future success of their projects — especially during an economic downturn.

“The Revolving Loan Fund is one of the most important economic development tools we have to increase business investment and create jobs in Ontario County,” he said. “The fact that we can assist existing businesses, such as Red Jacket Orchards and NextSTEP Magazine, with their expansions, as well as assist startups like Chosen Spot with equipment purchases and working capital, gives our county a leg up in the increasingly competitive economic landscape.”

Dave Schlosser, brewmaster and owner of Chosen Spot Brewing, said the RLF loan was critical. The $150,000 from the county’s RLF fund, combined with previously approved loans from Canandaigua National Bank and the U.S. Small Business Administration, as well as the owners’ own personal investment in the startup, are making the entire project possible.

“The RLF loan is instrumental in providing gap financing,” he said. “The loan gets us to exactly where we need to be, financially, to start the company.”

The Office of Economic Development expects that its assistance to entrepreneurs and startups will likely increase in the months ahead, especially as the fiber optic ring nears completion in late 2010.

“Once it’s complete, the fiber ring will undoubtedly attract and nurture many more entrepreneurs and startup companies,” Manikowski added. “We believe that our region’s talented workforce and technological infrastructure, together with our outstanding quality of life, will soon become an irresistible combination for those looking to start or grow their own business.”

For more information about the Ontario County Office of Economic Development and the Revolving Loan Fund, please call 585-396-4460 or visit www.ontariocountydev.org.