KINGSTON, N.Y. (October 15, 2012) – At a press conference attended by Senator Charles E. Schumer, Hudson River Ventures, Hudson Valley Economic Development Corp. (HVEDC), and Ulster County Executive Mike Hein, among other dignitaries, it was announced that Boiceville-based Bread Alone will construct a production facility in Lake Katrine with the expectation that the company will double its revenue in the next five years.
Bread Alone will receive a U.S. Department of Agriculture Business and Industry Guaranteed Loan for $4.6 million, Schumer said. The loan will be used for the acquisition and renovation of a 26,000-square-foot facility at 2121 Ulster Ave., Lake Katrine. In addition, Bread Alone also worked with HVEDC to secure a $250,000 loan from Hudson River Ventures LLC, a small business investment fund focused on the Hudson Valley.
“I am thrilled to be part of this fantastic day for Bread Alone – a small, job-creating business in the Hudson Valley that continues to demonstrate excellence in everything it does,” said Senator Schumer. “Bread Alone won a $4.6 million competitive loan from the U.S. Department of Agriculture, and secured an additional private loan from Hudson River Ventures, with which they will purchase this 26,000 square-foot facility and turn it into a state-of-the-art commercial bakery right here in Kingston. When I stood with the HVEDC and announced the formation of a Hudson Valley Food and Beverage Alliance – this is exactly the type of relationship we wanted to cook up. By bringing together economic development officials, private investors, the federal government and small businesses – we are able to create local, sustainable jobs right here in Ulster and Dutchess Counties, and throughout the Hudson Valley.”
The facility will be Bread Alone’s second commercial bakery. There will also be a retail outlet on site. It will be the company’s fourth retail facility. The USDA money is being used to purchase, upgrade, and outfit the building and the Hudson River Ventures funding will be used for state-of-the-art commercial artisan baking equipment that will re-assert Bread Alone as one of America’s — if not the world’s — premier artisan bakeries. The Hudson River Ventures funds will be used towards the purchase of a thermo-oil oven system from the German oven manufacturer, Heuft, and a dough retarding/proofing system from the Dutch refrigeration manufacturer, Koma. Both Heuft and Koma are widely considered to be at the top of their respective fields, and are used in the best artisan bakeries around the world.
This equipment, coupled with Bread Alone’s 30 years of industry experience, will position Bread Alone to set a new standard for artisan bread baking in America.
“Since its founding in 1983, Bread Alone Bakery has become a Hudson Valley favorite and a staple in homes and markets across the region,” said Sean Eldridge, founder and president of Hudson River Ventures. “The company has grown steadily, with more satisfied customers and more retail locations each year. We’re thrilled to invest in Bread Alone’s next chapter as it continues to expand throughout the Hudson Valley and beyond.”
Hudson River Ventures, LLC is a small business investment fund focused on the Hudson Valley. Founded by Sean Eldridge of Garrison, N.Y. in 2011, Hudson River Ventures works to empower entrepreneurs and build thriving businesses throughout the Hudson Valley. Hudson River Ventures is making strategic investments ranging from $50,000 to $500,000 in target industry sectors.
Nels Leader, Bread Alone’s vice president and chief operating officer, said: “Without Senator Schumer and HVEDC, Bread Alone would not have had access to Hudson River Ventures and the critical capital it has provided for Bread Alone’s expansion. I simply cannot overstate the importance of this funding to the project, and by extension, to continued growth in the Hudson Valley.”
Sharon Burns-Leader, Bread Alone’s vice president and chief production officer, said: “Senator Schumer and HVEDC not only provided critical connections for our project, they also recognized Bread Alone as an important player in the Hudson Valley’s growing artisan food industry. We share Senator Schumer, HVEDC and Hudson River Venture’s vision for the future of the food industry in the Hudson Valley, and we are thrilled and honored to be a part of it.”
“Corporate executives in the Hudson Valley have told us that access to capital is their most critical issue as they try to grow their business,” said Mike Oates, President and CEO of HVEDC. “We are thrilled to have worked with Senator Schumer on this important project for the Hudson Valley. The funding from the USDA and Hudson River Ventures will certainly provide Bread Alone with the opportunity it needs to expand and provide more jobs in the Hudson Valley, and we look forward to partnering with the USDA and Hudson River Ventures on future projects.”
“When I visited Bread Alone in 2011 and discovered that their expansion needs might entice them to look into neighboring states, I immediately went into action to assist the company,” said Ulster County Executive Mike Hein. “My administration has worked closely with the Leader family on finding the right site, filing applications for state programs, working with financing partners and I am absolutely thrilled that they have found a willing partner in Hudson River Ventures. This project will retain and grow Bread Alone ensuring not only jobs, and a destination model bakery, but the best bread around for years to come.”
“Bread Alone is a shining example of the wonderful, growing companies we have in the Hudson Valley Food & Beverage Alliance,” said Steven V. Lant, chairman of board for the Hudson Valley Economic Development Corp. and chairman, president and CEO of CH Energy Group Inc. “We are very happy to have assisted in putting this funding together to help this ambitious company grow and expand to new levels.”
Daniel Leader, Bread Alone’s president and chief executive officer, said: “As a business owner in the Hudson Valley for nearly 30 years, it is incredibly rewarding to see a new generation of energy and vitality coming to the region. I am so thankful for the critical support that we have received from HVEDC and Hudson River Ventures and I am more motivated than ever to bring the Hudson Valley to the world.”
About Hudson River Ventures LLC: Hudson River Ventures, LLC is a small business investment fund focused on the Hudson Valley. Founded by Sean Eldridge of Garrison, N.Y., in 2011, Hudson River Ventures works to empower entrepreneurs and build thriving businesses throughout the Hudson Valley. Hudson River Ventures is making strategic investments ranging from $50,000 to $500,000 in target industry sectors. Learn more at: www.hudsonriverventures.com
About Hudson Valley Economic Development Corporation (HVEDC): HVEDC represents seven counties in Hudson Valley. This public-private partnership markets the region as a prime business location to corporate executives, site selection consultants and real estate brokers. HVEDC also helped start the branding and promotional effort for NY BioHud Valley. For more information on Hudson Valley Economic Development Corporation or to review available business sites, visit http://www.HVEDC.com or call CEO Mike Oates at 845-220-2244.
About Bread Alone Bakery: Bread Alone is a bakery that produces a wide variety of breads and other baked goods, using the best organic and whole grains. Started in 1983 by Dan Leader and now run by him and his partner, Sharon Burns-Leader, the bakery works to help bring the grain-based economic infrastructure back to the Hudson Valley through its commitment to the historic “breadbasket of America.” The main Bread Alone Bakery and Café is located at 3962 Route 28 in Boiceville, and it also has café locations in Woodstock and Rhinebeck. For more information, visit http://www.breadalone.com/.
