Hoosick company gets loan to help produce compostable packaging
HOOSICK, N.Y. - Rep. Chris Gibson (R-N.Y.) visited Hoosick on Thursday to announce the use of U.S. Department of Agriculture-guaranteed loans to subsidize costs associated with R.M. Bacon's, 510 South St., lease of land and purchase of equipment. The loans were made available through the Agricultural Act of 2014, also known as the "Farm Bill. The money will support a joint-business venture between owner Michael Bacon and Ecovative, a Troy-based company that makes compostable packaging materials.
"I think this loan is going to be very profitable for Michael's operations: This is an example of a company that isn't only surviving, but one that will be flourishing," Gibson said. "Michael's use of the advantages in the Farm Bill will help expand the area's capital This is also an ecologically-sound opportunity."
R.M. Bacon is a local supplier of top soil, sand, gravel and firewood. The USDA guarantees have established loans of $430,000 for real estate and $430,000 for equipment, assisting Kinderhook Bank in financing Bacon's construction and farming operations. Ecovative will use excess corn material grown in Hoosick to localize its production of environmentally-friendly products.
During the congressman's visit, he spoke to several of Bacon's employees. He said the start of R.M. Bacon's agricultural venture will allow for the creation of jobs. "I had an impressive tour. I appreciate that he is not only running a successful company, but he's also taking care of his employees."
Contact Tom Momberg at email@example.com. Follow him on Twitter @TomMomberg
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