Empire State CDC and NYBDC Featured in Crain's as Top Lenders
The December 6th edition of Crain’s Business New York features the New York area’s Top SBA Lenders by loan approval.  While Bank of America, JP Morgan Chase and HSBC captured the top three spots by number of loans, Empire State CDC was the top lender by dollar volume with $54.8 million in SBA loans.  NYBDC ranked 27 by number of loans and 21 by dollar volume with $6.5 million in loans.

SBA Centralized 7(a) Processing
SBA has announced the timetable for commencing centralized processing for 7(a) loans by the Standard 7(a) Loan Guaranty Processing Center (SBA Information Notice 5000-1007).  It appears that the centralization will be phased in over the next three months.  The New York District Office will begin submitting applications on January 29, 2007 followed by the Buffalo District Office on February 29, 2007 and the Syracuse District Office on March 5, 2007.  The Processing Center’s website (www.sba.gov/banking) provides additional information.  NYBDC is a PLP lender and is available to its lending partners to assist in processing applications for SBA 7(a) guaranties.  We had very good experience with SBA 504 centralized loan processing which was implemented in 2004 and expect a similar result with 7(a) centralization.

NYBDC Joins NYCABA and FCBA
NYBDC is committed to expand its Asian market and is reaching out to Asian communities. NYBDC is now a member of New York Chinese American Bankers Association (NYCABA) and Flushing Chinese Business Association (FCBA).  In addition, we enhanced our depth and versatility to serve the exciting Asian market with the addition of Linda Zou to our New York City lending team. Linda is fluent in three major Chinese dialects, Mandarin, Cantonese and Fuzhou. Linda's direct line is 212-803-3670.    

Hugh Johnson Speaks at Chamber of Commerce Breakfast Meeting
On December 19th, Hugh Johnson, Chairman, Johnson Illington Advisors, LLC and NYBDC Board Member, spoke about the positive economic forecast for 2007 at his 18th annual address to the Albany-Colonie Regional Chamber of Commerce breakfast meeting.  This event was proudly sponsored by NYBDC and Teal, Becker, and Chiarmonte, CPAs, P.C. 

Congratulations to Deputy Director Victoria Reynolds
Victoria Reynolds was recently named Deputy Director for the SBA's Buffalo District.  Previously she was the Manager of the SBA Rochester Office.  In her new role, Victoria will be working in both the Buffalo and Rochester offices.  Victoria has been a strong and effective champion for small business and we look forward to working with her in her new position.

NYBDC Shares its Christmas Spirit
NYBDC employees put giving and selflessness to work to make a great Christmas for two needy families in the Albany Area.  The proceeds of our jeans funds and other employee contributions were used to purchase gifts of clothing, toys and books for four children.  We made lists, shopped and wrapped and it felt great to make something really nice happen.  Thanks to Assistant Vice President Sabrina Morton in the Loan Administration Department for coordinating all the details. 

The shoppers and wrappers pictured from left: Steve Smith, Sabrina Morton, Ross Pancoe, Rachel Aiello, Joanne Karmazyn, Lisa Lundquest, Diane McDonald, Amy Esposita, and Collen Miller.

NYBDC Rings the Bell for Charity
NYBDC employees participated for 8 hours on Saturday, December 2nd for the Salvation Army Kettle Drive.  The company raised $582 for the needy.

504 Rates Continue to Fall
Empire State CDC closed 13 504 loans in November.  In every single loan the Empire State CDC rate was lower than our lending partner’s first mortgage rate.  The December 2006 504 rate was 6.09% for loans of $1million or more and 6.54% for loans less than $1 million.  A great rate, 20-year term and 90% loan to value….Empire State CDC 504.  Call us to see how we can help you win the deal!

NYBDC Presentation to the New School
Daniel Vaccaro, one of our New York City loan officers, gave a presentation on preparing a business plan and financing at various stages of the business for 20 budding entrepreneurs.

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