DiNapoli Issues 1,000th Loan from State Common Retirement Fund
New York State Comptroller Thomas P. DiNapoli and New York Business Development Corporation CEO Pat MacKrell on Wednesday announced a $3.2 million loan to Nirvana Water, based in Boonville in Oneida County.
The loan marks a milestone of 1,000 loans granted to small businesses in New York using funds from the New York State Common Retirement Fund.
Since 1987, the New York State Common Retirement Fund has allocated $400 million to be used for loans for state-based small businesses through the New York Business Development Corporation (NYBDC).
NYBDC makes loans to small businesses for working capital, equipment or real property. NYBDC has made $324 million in loans to over 1,000 small businesses around the state. With the NYBDC loan, and other funding sources, Nirvana Water has purchased a high speed bottling line that will produce 12 million cases of bottled water annually and will increase the company’s workforce by 50 people.