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Financing for Minority and Women-Owned Business Enterprises  New York State Lt. Governor David Patterson, Executive Director Michael H. Jones-Bey of the New York State Division of Minority and Women's Business Development, and NYBDC President Pat MacKrell recently announced a pilot program to provide financing to MWBE-certified businesses to provide working capital loans necessary to perform government contracts. The pilot program is intended to integrate "job ready training," bonding assistance and financing to enhance prospects for MWBEs to take advantage of the many government contracting opportunities to small business. This important initiative is not just about loans - it is intended to be a comprehensive approach to provide many tools necessary for the success of minority or woman-owned small businesses. Mohawk Valley EDGE NYBDC and Empire State CDC:The 504 Company are proud to announce our sponsorship of the 2008 Mohawk Valley Edge Business Plan Competition and Awards Luncheon. 
This business plan competition is for non-retail start-up or early stage businesses to be located in Oneida or Herkimer counties. The winner of the competition receives a $10,000 cash award and in-kind professional advisory services. The award is presented at the Mohawk Valley EDGE "Leading EDGE" Awards Luncheon, which honors individuals and companies supporting the growth of the region's economy.
Authorized CDC Liquidator
Empire State CDC:The 504 Company was designated by the SBA as an Authorized CDC Liquidator in August 2007. This designation allows us to conduct liquidation activities for SBA 504 loans, including litigation, proceedings to enforce judgments and other appropriate steps to recover amounts due. This will help us maximize the recovery on problem loans and will have a positive impact on the cost of the SBA 504 program by reducing losses.
Statewide Zone Capital Board Changes
Brian Keating retired from HSBC and the Statewide Board of Directors. John Kaiser, executive vice president, HSBC Bank, Albany, has been selected as his replacement on the board. We also welcome John H. Walker II to the Statewide Board. John is the Supervisor of the Town of Sheridan and Chairman of the Dunkirk-Sheridan Zone Administrative Board, and we look forward to his insight on behalf of local government and as a representative of the Western New York economic development community.
Regional Loan Committee News Welcome to all new members of our Regional Loan & Advisory Committees, and thanks for their willingness to contribute to our mission - Robert C. Hergrueter, senior vice president, TD Banknorth, was elected to the Capital District-Champlain committee; George Bowen, vice president, Tioga State Bank, was elected to the Elmira committee; Mark Wheeler, vice president, HSBC Bank USA, and Kathy L. Davis, senior vice president, Alliance Bank, were elected to the Syracuse committee, and Steven Rich, vice president, Community Bank, and Keith Gobel, vice president, Canandaigua National Bank, were elected to the Rochester committee. Additionally, Mark Wheeler, vice president, HSBC Bank USA, was appointed chairman of the Syracuse committee, and Walter Roman, vice president, HSBC Bank USA, was appointed chairman of the Rochester committee. NYBDC Service Awards
In October, NYBDC recognized the following employees for their service: Marlies Capobianco and Diane McDonald for five years of service to NYBDC; Jim Conroy, Tim Larson, Tom McHale and Mike Zihal for 10 years of service; and Chet Sadowski for 20 years of service. Congratulations and thank you!
NYSEDC 2008 IDA Section Conference The New York State Economic Development Council will hold its 2008 IDA Section Conference and PAAA Training Course on January 22-24, 2008 at The Desmond Hotel & Conference Center, Albany, N .Y. Information about the conference and registration materials can be found at www.nysedc.org. |
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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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NYBDC has partnered with Evans National Bank to fund the Village of Hamburg Redevelopment Loan program. This program is aimed at assisting village businesses affected by the infrastructure and highway improvement project in the downtown area. Village business owners will be eligible to apply for a $15,000 to $50,000 loan for working capital to cushion the impact of business interruptions caused by the construction. This is an example of a type of project that NYBDC seeks to support. If your bank would like to work with NYBDC to develop similar targeted loan programs in your communities, please get in touch with Pat MacKrell.
NYBDC Director Hartsock has left her position at the Cortland County BDC-IDA to accept appointment as the Syracuse Regional Director for Empire State Development. Linda's knowledge, energy and creativity will now benefit a more diverse economic area, allowing her to champion the Central New York Region. Linda has long been an advocate of regional development. We wish her well as she assumes her new responsibilities in New York's Creative Core.