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The recent commitments of military resources around the world draw heavily on our Reserve and National Guard forces. These "citizen soldiers" are more likely known in our community not as heros but as doctors, plumbers, accountants, electricians, etc... who operate a small business. Many small businesses in New York State have been adversely impacted by the active duty service of an owner. In some cases the sole owner of the business has been called away to fulfill a military commitment. A goal of this loan program is to provide affordable, long-term financial assistance to these small business owners to allow them to recover from the business consequences of their deployment. Another goal of the program is to support the dreams and goals of current or former members of our Armed Forces to start or grow a small business. In this way, we are hopeful that we can express our thanks to all of our veterans for their service to our country and support the growth of small business in New York State. Loans for working capital, business acquisition and purchase of real estate, machinery and equipment are available under this program, which can be combined with other financing offered by our lending partners through participations or as separate credit facilities. Eligible borrowers must be New York businesses where the owners of the majority of the equity are New York State residents who are members or honorably discharged veterans of the United States Armed Forces (including the Regular, Reserve and National Guard components). The maximum loan amount is $150,000. Approval of the loan will be subject to an 85% SBA guaranty. The interest rate is Treasury plus 1.55% (inclusive of the SBA servicing fee). Using our rates in effect for the week of July 16, 2007, the rate for a 7-year term would be fixed at 6.60%. We can process the loans as PLP, conventional 7(a) or under the recently announced SBA Patriot Express Loan Program. Do you have a customer who could benefit from a loan under our Veterans' Loan Program? |
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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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