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Community Partner Update - Orange County Partnership 
The Orange County Partnership is a county-wide, not-for-profit, economic development agency that works to enhance the quality of life in Orange County and increase the standard of living in the county by expanding the tax base and creating new, better-paying jobs. NYBDC and Empire State CDC: The 504 Company are pleased to welcome the Orange County Partnership (www.ocpartnership.org) as a Community Partner. EssentialConnections.org $100,000 Emerging Business Competition 
On April 5, 2007 e2e Materials of Ithaca (www.e2ematerials.com) was selected as the winner of the Emerging Business Competition. Governor Eliot Spitzer assisted NYBDC's Pat MacKrell and M&T Syracuse Regional President and NYBDC Board Member Allen Naples in presenting the prize check. In conjunction with Cornell University, e2e Materials developed technology that enables the creation of fully biodegradable composite materials made of renewable fibers and soy protein, achieving strength properties ranging from cork-board to midrange steels. The company, which is currently prototyping and developing office furniture and skateboards for clients, intends to locate its manufacturing facility in Central New York. Member Bank Update - United International Bank 
United International Bank (www.uibbank.com) is a community bank based in Flushing, N.Y. It recognizes the contribution of Asian-Americans to the social and economic vitality of New York City and is committed to serving that community. NYBDC is pleased to welcome United International Bank - our newest member - as our 146th member bank. It is important that NYBDC diversify the reach of its loan programs by working with banks throughout New York State.
SBA Transfers Progress Development Corporation Loans to Empire State CDC: The 504 Company The SBA has directed the transfer of the Progress Development Corporation's SBA 504 loan portfolio to Empire State CDC: The 504 Company. This applies to closed loans as well as loans in process. Empire State CDC will notify each borrower and third party lender of the transfer by letter. Cedric Carter (ccarter@nybdc.com),our loan officer assigned to Orange, Rockland and Sullivan counties, will coordinate the transfer of loans in process. Nancy Reinhart (nreinhart@nybdc.com), our head of loan servicing, will handle the servicing aspects of the closed loans and notifications to borrowers and lending partners. Empire State CDC: The 504 Company is the only CDC (other than Progress) that has been and remains active in this three-county area, and we have terrific relationships with the banks in the region. Our portfolio, prior to the integration of the Progress Development Corporation loans, comprises 38 loans for $12.8 million in Orange, Rockland and Sullivan counties, including 16 loans in Orange County. We also have 19 loans that are authorized and on commitment in the region, including 17 loans in Orange County. NYBDC on the Move in NYC NYBDC has signed a lease for a new office to be located at 5 Hanover Square, New York, New York. We expect to relocate our New York City office in June or July, upon completion of renovations. For those of you familiar with the location of our Albany office at the intersection of Beaver and North Pearl Streets, our New York City office will not be hard to find. Hanover Square is at the intersection of Beaver and Pearl Streets. Congratulations to our SBA Award Winners Eugene Cortes, president of NYBDC borrower Clarkstown International Collision, Inc., was named Small Business Person of the Year by the SBA New York District Office. Clarkstown International Collision, Inc. is a full service auto body repair shop located in Rockland County. The proceeds of the NYBDC 7(a) loan were used to fund the acquisition and improvement of his repair facility in Nanuet (Rockland County) N.Y. Sun Ki Chong, owner of Empire State CDC: The 504 Company borrower Sun Chong's Tae Kwon Do Center, Inc., was named Small Business Person of the Year by the SBA Buffalo District Office. Sun Chong's Tae Kwon Do Center, Inc. provides martial arts instruction at four locations in Western New York. Empire State CDC: The 504 Company partnered with HSBC Bank to provide construction and permanent financing for the facility in Lancaster (Erie County), N.Y. Robert C. Jussen named Director of NYBDC At the March 2007 NYBDC Board of Directors meeting, Robert Jussen of HSBC Bank, USA was appointed as a director. He is the Senior Vice President and Executive Credit Officer in charge of Small Business Credit at HSBC and has additional oversight responsibility for small business risk management. Rob is well known to NYBDC and Empire State CDC: The 504 Company as a strong advocate of our partnership. He was the NYBDC Banker of the Year in 2005. As many of you know, the first president of NYBDC, David Duggan, was Rob's grandfather. Empire State CDC: The 504 Company We are six months into our fiscal year and continue to move up the national charts for 504 loan approvals. There are 279 certified development companies in the country; we now rank 7th in loan approvals, up from the 12th spot for the same period last year. Strong support from our lending partners across New York state has helped us increase the number of loan approvals. Although last year was a great year, we are at 158% of last year by number of loans and 202% by dollar amount. Thanks for your continuing support. |
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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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The award was presented at a luncheon held at the Yahnundasis Golf & Country Club in New Hartford, N.Y. NBT Bank approved seven loans during the period. On hand to accept the award for NBT were President & CEO Marty Dietrich and President of Commercial Lending Jeff Levy. In accepting the award, NBT Bank expressed appreciation to the SBA, Mohawk Valley CDC and Empire State CDC: The 504 Company, noting that its lenders have used the 504 program to provide their customers with the widest range of alternatives for their fixed asset financing. Additionally, the bankers expressed strong support for the partnership between Mohawk Valley CDC and Empire State CDC. The SBA and Empire State CDC will take applications (loan applications that is) for the FY 2007 award through September 30, 2007.