Thu October 18, 2012
Bakery wins $4.6 million federal loan to expand in Ulster
A new bakery is being hailed as economic shot-in-the-arm for the town of Ulster - Hudson Valley Bureau Chief Dave Lucas reports.
U.S. Senator Chuck Schumer announced this week that Bread Alone, Inc. & Largay, LLC have been jointly awarded a Business and Industry Guaranteed Loan for a total of 4-point-6 Million Dollars from the U.S. Department of Agriculture Rural Development. This funding will be used to acquire a 26-thousand square foot facility at 2105 Ulster Avenue, which will be converted into a commercial bakery and retail outlet.
Schumer said the funding is the yeast that literally raises the dough, not only for Bread Alone, but for the local community as well.
Schumer’s office says the loan caries a 2 percent interest rate for the first two years, after which the rate would be set between 2.5 and 5 percent. In the next few years Bread Alone plans to expand by hiring up to more than 100 new employees.
Bread Alone plans to install state-of-the-art commercial artisan baking equipment to more fully automate the baking process.
Nels Leader, Bread Alone’s vice-president and chief operating officer and son of business founder Dan Leader, says the new facility will have expanded production and a retail store. He explained that the company decided to stay in the Hudson Valley despite “a very attractive incentive package” from New Jersey.
Dan Leader says he and his son conducted a lot of research before finalizing their expansion plans.
The Leaders say that for the past 18 months the the Ulster County Development Corporation has helped them explore funding options for moving the business’ baking facilities out of Boiceville, which the company has called "home" for the past 30 years.
The new bakery will supply Bread Alone’s café in Boiceville, which will stay open, as well as Bread Alone’s shops in Woodstock and Rhinebeck and other retail outlets from Albany to the New York City area.