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NYBDC is a unique organization; it provides access to capital for small businesses whose credit profile places them outside the requirements of traditional bank credit standards. NYBDC has adhered to its mission while providing innovative loan structures. NYBDC has grown and expanded as an organization, with minimal losses, growth in capital - both in dollars and staff - while assisting the small business community of New York State. These accomplishments are not done without the contributions of many people, organizations, agencies and institutions across the state. The core of our success has been, and will continue to be, the small businesses that are provided access to capital through our efforts. I have had the opportunity to see the effects of financing on both the borrower and NYBDC. To say that we finance dreams and opportunities is accurate. Our borrowers, particularly those who have recently immigrated to this country, tell us what great opportunity this country provides. These new citizens appreciate the opportunity available to honest, hardworking people. They seize the opportunity given to them and run with it. To see their success and appreciation for what this country provides, and to be a catalyst for that opportunity, is a job benefit beyond replacement. NYBDC's lending partners, bankers, economic developers and business counselors, aside from providing loan referrals, have been generous with their time and wisdom by serving on our boards and loan committees. Their ability to leave their traditional lending criteria outside our boardrooms and assist us in providing innovative and creative lending alternatives is a key ingredient to our success. Our loan programs have been closely aligned with the SBA. NYBDC's long-standing working relationship with the SBA at the district, regional and national levels has been helpful to our lending partners and small business borrowers. This relationship has allowed us to appreciate the dedication and commitment SBA employees have to assisting small business. Lastly, I have been privileged to work with a very dedicated, hardworking and talented staff. The company has grown from 14 employees, including six lenders 17 years ago, to more than 50 employees, including 18 lenders and six credit analysts. These are the individuals responsible for the growth in the managed portfolio from $67 million in 1990 to $566 million in 2007 and annual loan disbursements from $12.8 million to $125.4 million. This growth has necessitated change in policies and procedures. Change can be uncomfortable, but this staff has embraced change and assisted in its implementation while continuing to remain focused on our mission. I have seen this staff grow professionally, and they have made my position at NYBDC the best I have had over the past 38 years. It's now time for me to move on. The future of NYBDC is in very capable hands. Our leadership team and staff will hold the mission and credit culture at NYBDC in good stead. My wife and I plan to travel; I will attempt to lower my handicap as well as add miles to the odometer on my bicycle. If you should see a portly old guy on the side of the road pedaling away, be kind, stay to the left and give a honk. |
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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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