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Boonville water company granted $3.2 mil loan

Albany, N.Y. (AP) - The New York retirement fund for state and local government workers has announced its 1,000th loan to a small business in the state.

The fund is lending $3.2 million to Nirvana Water in Boonville.

The Common Retirement Fund has allocated $400 million for loans through the New York Business Development Corp. to state-based small businesses since 1987.

The corporation has made $324 million in loans, lending in all of the state's 62 counties.

Nirvana Water, a family-run business with more than 100 employees, supplies spring water from wilderness at the edge of the southern Adirondacks.

Boonville is 50 miles northeast of Syracuse.

Using loans from the fund and federal Small Business Administration, Nirvana has purchased a high-speed bottling line and projected adding 50 workers.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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