November 2007 Newsletter
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| November 2007 Newsletter
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We closed our fiscal year on September 30, 2007. It was another terrific year for NYBDC and Empire State CDC:The 504 Company in terms of the number and dollar amount of loans approved and closed. Our FY 2007 Annual Report is posted on our website at www.nybdc.com/pdfs/2007.pdf and I encourage you to review it when you have a chance. FY 2008 is off to a great and very busy start, as we continue to support our lending partners and their small business clients. Our NYC office has relocated to 5 Hanover Square (10th floor). We fit up the office to include a small conference room and visitors' office, which is available to our member banks. If you are in NYC and would like to use the office or conference room for a few hours, please call Chet Sadowski at (212) 785-5702. Not a day goes by without growing speculation about the impact of the credit crunch on small business. Growing concern about credit quality, collateral values and recession dominate discussion on the financial networks and in business papers. Owners of small businesses share these concerns as they attempt to assess the potential impact and their ability to access the capital necessary to sustain and grow their small businesses. As we look at the financial and credit cycles and overlay those with activity at NYBDC, it is clear that demand for our participation and SBA support increases in times of financial uncertainty. Increasingly, our lending partners are looking to us for our SBA expertise across a broad range of activity in both the 7(a) and 504 loan programs. If your bank has not had an active SBA lending program due to the lack of in-house expertise or available resources, now would be a good time to give me a call to discuss outsourcing your SBA Department. In our Lender's Corner our Executive President and Senior Lender Dave Terrenzio has the last word. In December 2007 Dave will be retiring. Dave's employment with NYBDC covered 17 of our most formative years. He has guided explosive growth of our portfolio, trained the best SBA lenders in the business and has been a powerful influence on our culture. The lore of NYBDC will never be complete without recognition of Dave's pivotal role. He never sought nor desired recognition for his efforts, as he worked quietly and consistently behind the scenes. However, those of us who were privileged to work with him will always appreciate the magnitude of his contribution to what we have become and to our potential for the future. Empire State CDC:The 504 Company and JPMorgan Chase teamed up to produce our Success Story with financing for Presstige Cleaners in Kew Gardens, N.Y. The financing allowed the borrower to expand its operations and position itself for future growth and increased employment opportunity. Kevin O'Leary joined us just over a year ago but has established a terrific reputation as a knowledgeable and creative resource for our lending partners with his knowledge of commercial lending and our loan programs. Kevin has added much to our organization in a very short time. Learn a little bit more about Black Belt Kevin in our Employee Spotlight. Please accept the very best wishes from your friends at NYBDC for a happy holiday season and a healthy and rewarding New Year! Warm Regards, 
SBA 504 Program Effective Rates
10 Year Term ($1MM+).................6.37% 20 Year Term ($1MM+).................6.48% Editor's Note: Did you know that this newsletter and prior editions are available at http://www.nybdc.com/newsletter.htm If you would like to print our newsletter for your records you may download this issue by clicking on the link below: Download our November 2007 newsletter in PDF format |
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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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