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We are frequently asked about limits on our loan amounts. More often than not, our lending partners are surprised - not by the upper limit of our participation, but the lower limit. The minimum loan amount for our NYBDC and Statewide loan programs is $30,000. The minimum loan amount for the 504 loan program is established by the SBA and is currently $50,000. The advent of the SBA Express Program, which provides for a 50% loan guaranty on lines of credit and term loans up to $350,000, has resulted in a decrease in the number of smaller loans we are being asked to look at, but it has not cooled our interest in these smaller loans. Clearly, the Express Program promotes accessibility to an SBA guaranty, but sometimes a 50% guaranty is not enough. We can help with your smaller loans through NYBDC participation. NYBDC will process and close the loan and reduce your exposure by an increased SBA guaranty (as high as 85%) and our participation in the loan...share the risk, keep the relationship. Our Success Story this month takes us to Willsboro, N.Y. and a partnership with Champlain National Bank to support the expansion of a local convenience store to a full-service market, filling the gap created with the closure of two chain stores in the community. Champlain National Bank is one of the many banks that use NYBDC as its SBA department. The support provided by the SBA guaranty and the NYBDC participation reduced the bank's exposure on the loan while permitting it to serve a customer and community with a much needed resource. This month the Employee Spotlight shines brightly on Amy Esposita in our Servicing/Credit Department. I am a little disappointed with this item since it understates Amy's contribution to our organization. Unfortunately, Amy is too modest and unassuming to give us too many details about herself, but you can be sure that we all appreciate her quiet demeanor and tremendous skill. We also look forward to seeing her son, Connor, on Halloween each year. Assistance for manufacturers in New York State is our topic for this month’s Partner Page. Assistant Deputy Commissioner Jeffrey Boyce writes about the Manufacturing Assistance Program (MAP) which provides grants to assist businesses to more effectively compete in the global marketplace and to better safeguard jobs for New Yorkers.
SBA 504 Program Effective Rates
10 Year Term ($1MM+)..................6.30% 20 Year Term ($1MM+)..................6.29% Editor's Note: Did you know that this newsletter and prior editions are available at http://www.nybdc.com/newsletter.htm If you would like to print our newsletter for your records you may download this issue by clicking on the link below: Download our April 2007 newsletter in PDF format |
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New York Business Development Corporation (NYBDC) Empire State CDC: The 504 Company Statewide Zone Capital Corporation (SZCC) Corporate Headquarters: 50 Beaver Street, Albany, NY 12207 1-800-9-BDC-504 · www.nybdc.com Our Success is Your Success - The process is easy; the possibilities are endless. |
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