GPO FCU Gets U.S. Stimulus Loan For Mill Rehab
NEW HARTFORD, N.Y. – The U.S. Department of Agriculture has awarded Stone Mill of Little Falls a $650,000 low-interest loan through GPO FCU, which will be used to rehabilitate an historic mill building.
The funding under the 2009 stimulus bill, formally known as the American Recovery and Reinvestment Act, will be used to renovate a five-level mill built in 1839 into professional and business space and tourism accommodations. The building currently houses 13 businesses, including a boutique inn, small theatre, antique shop and an ice cream shop.
With the major renovations being done on the property and new income coming in from the inn, this $650,000 USDA loan will allow The Stone Mill, LLC to convert its outstanding debt and construction costs into permanent financing.