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 Michael Zihal, Senior Vice President 
As workout officer and manager of special assets for NYBDC, Mike works with borrowers when their financial circumstances have changed and they need assistance to get back on track with their business plans. He can restructure loan terms to achieve these goals when it is appropriate and in line with NYBDC's mission in economic development.
This is more than just damage control. Mike must work closely with borrowers to assess realistically their ability to meet their business objectives while also meeting their obligations as borrowers. This requires Mike to develop a clear, detailed understanding of each borrower's operations, market and financial goals. He also works closely with the U.S. Small Business Administration (SBA) regarding restructured terms, liquidation of collateral and collection of government loan guaranties. Mike has developed this specialized skill set over the past 20 years in workout and REO management, including the last ten years with NYBDC. He previously was vice president in the workout division of ABN/AMRO on Long Island (EAB). He holds a Bachelor of Science degree in Economics from the University of Iowa and earned his New York State Real Estate Broker's License through continuing education programs at New York University. Mike now serves all NYBDC borrowers and member banks, as needed, from NYBDC's Albany office. Married and with three children, he enjoys attending and coaching his children's sporting events, including baseball, soccer and gymnastics. He also enjoys the outdoor activities of golf, running and fishing, and he looks forward to the annual thoroughbred track season in nearby Saratoga Springs. |
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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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