A $650,000 government loan administered by the GPO Federal Credit Union will be used to renovate a stone mill built in 1839 to include tourism and business spaces.
The Stone Mill of Little Falls LLC in New York will receive a loan from the U.S. Department of Agriculture Rural Development's Business and Industry Guaranteed Loan Program. Thirteen businesses currently occupy the five-level mill, including a small theatre, antique shop, ice cream shop and a boutique inn.
The USDA loan will allow the Stone Mill group to convert its outstanding debt and construction costs into permanent financing. The move is expected to save 12 jobs and create six additional ones, according to the organization founded in 2005 to rehabilitate Stone Mill.
Four years ago, Stone Mill was involved in a city grant program that would put up funds for the project. Nearly $191,000 in grant funds was received through the Little Falls Urban Renewal's Small Cities Grant program. Officials said that through a 50/50 grant, a local bank was supposed to provide the rest of the financing but pulled out of the project halfway through construction. Stone Mill tapped other resources and was able to open the boutique inn in October 2009.
The $149 million GPO Federal Credit Union in New Hartford, N.Y. agreed to administer the USDA loan for Stone Mill.