Nirvana Water expects to increase sales 30 percent and add 50 jobs thanks to a $3.2 million loan granted by the New York Business Development Corp.
The funding, which comes from the New York State Common Retirement Fund, is an investment for the business and the state, state Comptroller Thomas DiNapoli said Wednesday at a news conference at the bottling plant.
It also was the 1,000th loan of its kind totaling $324 million given to small businesses in each of the states 62 counties since 1987. The loans have helped businesses retain or create more than 20,000 jobs, DiNapoli said.
It makes money for the pension fund, it helps a business, in this case, expand, with the new equipment they were able to purchase, and it creates jobs, DiNapoli said. So, it creates that double bottom line for us.
Mozafar Rafizadeh, Nirvanas president and CEO, said the loan will take three to four years to pay off.
Nirvana Water distributes drinking water from the Nirvana Natural Springs, located on 2,000 acres of wilderness in the Adirondack Mountains.
Additional funding for the companys expansion was provided by the federal Small Business Administration with assistance from U.S. Sen. Charles Schumer, D-N.Y.
There's no doubt that jobs and water are continuing to flow at Nirvana, Schumer said in a statement.
Using the funding, the company purchased a new high-speed bottling line that will produce 8 million cases of bottled water at the Boonville plant annually.
The family owned company now is up to four bottling lines and 113 employees.
This allowed us to basically commission this line behind us and continue to grow our business, because last year we were at capacity, said Darya Rafizadeh, Nirvanas senior vice president of sales and marketing. Last year we did 18 million cases, so this year well be doing 26 million.