SAM Magazine-Hunter, N.Y., Aug. 9, 2010-Hunter Mountain is receiving a $4.8 million federal guarantee for a loan that is funding the purchase and installation of its new base to summit six-pack. The loan will also cover the refurbishing and relocation, in summer 2011, of the high-speed quad the six-pack replaces.

The loan, held by Hunter's longtime partner KeyBank, is backed by the U.S. Department of Agriculture. The department is guaranteeing a total of $413 million in loans through the 2009 economic stimulus program. Agriculture Secretary Tom Vilsack said in a statement that the loan guarantees "will help businesses to grow and promote job creation" in rural communities.

Hunter president Russ Coloton told SAM that the loan guarantee was crucial to obtaining financing for the lift improvements. It allowed Hunter to get a longer term (12 to 15 years, rather than 7) and a more favorable rate than the area could have received on its own. Hunter's KeyBank loan officer initially made the resort aware of the guarantee program and put Hunter in contact with the appropriate USDA officials.

Hunter hopes to have the new six-pack installed and running by Oct. 1, in time for the fall foliage season.