When: Thursday, November 30^th

Where: Keuka College

Gannett Room

Lightner Library

Penn Yan, New York.

 

According to a recent study of the industry conducted by MKF, the wine and grape industry is responsible for contributing approximately $2.8 billion each year to our regional economy. New York wines have come of age and are eagerly sought after around the world. But, will we be able to capitalize on the growing popularity of our regional wine products and successfully sustain this important sector of our economy?   We hope so. One question that is being asked, however, relates to the availability of credit and capital, and whether or not there are adequate financing opportunities within the region for our expanding winery industry.  

 

Rural Opportunities, Inc. (ROI) has been examining this issue for the past year and has taken steps to better understand wineries and their challenges with respect to access to credit and capital. Last year, ROI created the Winery Credit and Capital Advisory Board (WCCAB). This group has met four times in the past year and has helped inform the discussion and has helped ROI understand the issues from their perspective. Six months ago, we completed a survey of 17 small and intermediate sized banks and 6 industrial development agencies in the region. 

 

On Thursday, November 30^th, we are pleased to sponsor the first of a series of round table discussions where we will explore the very important issue of access to credit and capital by the New York winery industry, particularly in the Finger Lakes region of the state. We have invited a cross section of the industry including winery owners, bankers, other credit providers, federal and state regulators, economic development agencies, rural development agencies and organizations and elected officials. Sponsors of the event include the Bank of America, Rural Opportunities, Inc., Keuka College, and the SIFE (Students in Free Enterprize) Team from Keuka College.