Tech Valley News
Loan Program Creates/Retains 602 Jobs
Learn more at New York Business Development Corporation
New York Business Development Corporation (NYBDC), a lending consortium that provides financing to help small businesses expand in New York state, increased its loan disbursements 16.7 percent to $103 million for fiscal year 2006 compared to fiscal year 2005. In addition, the company reported its total loan portfolio increased 8.3 percent to more than $471 million.
In Tech Valley, NYBDC disbursed 86 loans totaling $24.7 million, which created or retained 602 jobs.
A sample of companies in the Tech Valley Region receiving NYBDC loans in 2006:
- Crossroads Incubator Corp.
- The Peanut Principle
- Power Pallet
- Shady Harbor Marina
- Taste Budd's Cafe
- Tops Diner in Schenectady
- X-Ray Optical Systems
Dan Budd, owner of Taste Budd's Cafe, received a loan that helped him open his first retail location.
“I think a lot of people don't realize the money is there for entrepreneurial business people, who are looking for a better interest rate,” Budd told The Poughkeepsie Journal.
NYBDC provides financing for companies that do not qualify for traditional loans by partnering with banks to share the risk. This allows promising businesses to obtain the financing they need to remain in the state or expand here. NYBDC’s affiliate Empire State Certified Development Corp. (Empire State CDC) delivers the SBA 504 loan program providing long-term, fixed-rate financing at below-market rates for the purchase and/or improvement of real estate and/or equipment.
"NYBDC continues to benefit from the momentum of years of success and careful planning. We strive to leverage our expertise in small business lending to support New York state’s small businesses," said Patrick MacKrell, NYBDC president. "None of our goals could be accomplished without the support of our lending and community partners, which provide critical insight and resources. NYBDC and our partners are committed to promoting the growth of jobs and opportunity for small business and for the New York communities those businesses support."
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