U.S. Department of Agriculture Rural Development State Director Patrick H. Brennan, pictured at left with Old Forge Arts Guild Executive Director Deborah Jones, joined Rep. Michael Arcuri (NY-24) and several local officials on February 25 to present a $3 million loan guarantee to the Arts Guild of Old Forge.
The loan will help complete the Guild’s new art center and was awarded through Rural Development’s Community Facilities Guaranteed Loan (CFGL) program, which uses a government guarantee to promote private investment. Adirondack Bank of Utica provided the loan and USDA Rural Development guaranteed 90 percent of it. When completed, the new 27,000 square feet performing arts center will feature an art gallery, artist studios, a 200-seat auditorium, a preschool program, an ecology gallery and learning center, and a kitchen for catering center events.
USDA Rural Development Awards $3 Million Loan Guarantee to Old Forge Arts Guild