News Highlights

Diane McDonald Participates in SBA Field Test
Diane McDonald recently participated in the field testing of the new SBA 504 Authorization prior to its recent release.  Diane received thanks from both the SBA and the National Association of Development Companies for her contribution to the testing process.  Diane works in our Loan Servicing Department and is responsible for the processing of all SBA 504 approvals and modifications.  Please read more about Diane in our Employee Spotlight.

Rainbow/PUSH Wall Street Project Economic Summit
On January 10th NYBDC Director and National Director of Business Banking for Citibank, Hugh Donlon, and NYBDC President, Pat MacKrell, participated in a Financial Services Roundtable in connection with the Rainbow/PUSH Wall Street Project.  Rev. Jesse Jackson was the moderator of the panel.  The panel focused on access to capital for underserved markets.

First $4 million 504 Loan
The 504 Company (Empire State CDC) closed its first $4 million debenture on January 30, 2007.  The loan was to Candid Litho Printing, which relocated from Manhattan to Long Island City (Queens).  Our borrower is among the first in the country to take advantage of the higher 504 loan amount available to manufacturers.  This financing gave the company the ability to stay and grow in New York state, retaining 110 jobs.

Moving Up the Charts
The 504 Company (Empire State CDC) moved from 11^th to 9^th place in the national ranking of certified development companies, based on the SBA’s ranking of certified development companies, by number of loans for the three- month period ending December 31, 2006. 

Long Island Office on the Move
Our Long Island office relocated to 68 South Service Road, Suite 100, Melville, NY 11747.  Please note the new address.  The telephone and fax numbers remain the same for Jim Goldrick, Stan Grochocki, and Rich Amsterdam.

NYBDC Welcomes the Rockland Business Association and the Sullivan County Partnership for Economic Development
The Rockland Business Association and the Sullivan County Partnership for Economic Development have become two of our newest Community Partners.  We are excited about a very successful 2007 with these two dynamic organizations.

Small Businesses' Window to Wall Street
The OCC article, Small Businesses' Window to Wall Street is a great source of information on how the SBA 504 Loan Program provides small businesses access to financing.  You can view the article by clicking the link above or the image to the left.  If your organization would like to learn more about the 504 or other loan programs, please contact Laurie Couture by phone at 518-463-2268 or via email at lcouture@nybdc.com. 
 

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