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News Highlights
 World
Trade Center Small Business Recovery
(WTC Fund) Supports
New York City Businesses
The Small Business Development Centers in NYC and NYBDC work
together to administer the WTC Fund which was created to
provide access to capital for NYC's small business community
to help offset the impact of 9/11. This
fund is can be a supplement to the financing that may be
obtained by the business on a conventional basis. The
loans can be for permanent working capital or fixed-asset
acquisition. Loans from the WTC Fund are available at a
below-market, fixed-interest rate to businesses operating in
NYC. The WTC Fund will subordinate to financing
provided to the borrower by its primary lender. Start-ups and
early stage businesses are eligible as well as more mature
businesses that are unable to address all of its
financing needs with its primary lender.
 NYBDC
Lender Linda Zou Featured in Crain's New York Business
NYBDC Vice President Linda Zou was profiled in the February 19
- 25, 2007 edition of Crain's New York Business. The article
highlights how Linda "...uses her banking and language
expertise to reach small business owners.” Of course, none of
that was news to us, but it’s good to see in print.
Congratulations Linda! The article is available online at
http://www.nybdc/Articles.htm.
 Empire State
CDC: The 504 Company and Mohawk Valley CDC - Working Together
to Deliver the 504 Loan Program
Putting economic development and increased jobs opportunity
first.....Empire State CDC: The 504 Company and Mohawk Valley
CDC have agreed to cooperate in the marketing of the SBA 504
loan program in the counties of Fulton, Herkimer, Montgomery,
Oneida, Otsego and Schoharie. This partnership is intended
to maximize access to the 504 loan program with coordinated
marketing, processing and servicing efforts.
Our small
business borrowers and our lending partners will realize the
benefit of this collaboration and will see improvements to this terrific loan program through increased affordability
and access.
 Congratulations to Gene Cortés, SBA Small Business Person of
the Year
Gene
Cortés, the president of Clarkstown International Collision,
Inc., an auto collision repair business in Nanuet (Rockland
County) and NYBDC borrower was named SBA Small Business Person
of the Year by SBA's New York City District Office. Gene runs
the business with his partner and wife, Anna Cortés, and their
three daughters. It truly is a family run business as he
treats his other
27 employees like family and rewards them for all their hard
work that has
made his business so successful.
 Ken
Colloton appointed to NYBDC Board
Kenneth B. Colloton,
Senior Vice
President and Director of Government Banking for Citizens Bank has been
appointed to the NYBDC Board of Directors. NYBDC welcomes Ken
to the board and looks forward to working with him.
Congresswoman Nydia Velázquez and NYBDC Board Member Brian
McMahon Speak at About Economic Forecast in Queens
 NYBDC
NYC loan officer, Kevin O’Leary, attended the “4th
Annual Queens Forecast Breakfast” hosted by Queens Economic
Development Corporation (QEDC). Congresswoman Nydia Veláquez, Chair of the US House Small Business Committee
was the Keynote Speaker at the event that took place on
February 22nd in the Diamond Club at Shea Stadium.
NYBDC Board Member, Brian McMahon, President, New York State
Economic Development Council, was also a Featured Speaker at
the event.
 504
Loan Demand at Record Levels
In the first four months of Fiscal Year 2007 we have approved
109 504 loans for a total of $65.9
million. This is a 33% increase in the number of loans and an
84% increase in the dollar amount. The low equity requirement
and great rate continue to make this our most attractive loan
program for real estate acquisition and/or improvement.
 How Do You Like Them Apples
The New York City SBA District Office was among the first to
go to Centralized Processing of SBA 7(a) loans. On
January 30, 2007, NYBDC received its first 7(a) loan approval
from Centralized Processing.
The recipient of this first approval was Golden Apples, a small business on Long Island. Golden
Apples was purchased by Joseph and Robert Piccone. Golden
Apples manufactures all-natural candy.
New
York's Creative Core Puts Money to Good Use
Community Partner Cortland County BDC-IDA used revenue
received from NYBDC's Community
Partner Program to
support a downtown
revitalization program for Cortland. The program
provided grants for new signage, including design, production
and installation.
 NYBDC
Welcomes a New Community Partner on Long Island
The Community Development Corporation of Long Island became
our newest Community Partner. NYBDC welcomes this
terrific
organization to the family and look forward to working
together towards some great successes.
 Pool
Party in February for NYBDC Employees
NYBDC hosted a “pool party” for its employees at Diamond Eight
Billiards in Latham, NY. We had a few “pool sharks” among
us. In fact, Pat MacKrell was beat by our very own Lynda
DaBell. However, Cedric Carter, featured in our Employee
Spotlight, beat Lynda and was crowned the “ultimate pool
shark.”
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