Empire State CDC: The 504 Company and NYBDC receive SBA Awards

Empire State CDC: The 504 Company was awarded the Pinnacle Award by the New York City district office for the most 504 loans.  NYBDC received the Patriot Lender of the Year award in the Syracuse District for its steadfast support of the military business community in Upstate New York.  NYBDC and Empire State CDC: The 504 Company were also honored by the Buffalo SBA office with performance awards recognizing loan volume.

Mike Taylor named SBA Financial Services Advocate of the Year for Region II

Mike Taylor, our loan officer in Buffalo has been named Financial Services Advocate of the Year for Region II based on his outstanding advocacy efforts to increase the usefulness, effectiveness and availability of financial services for small businesses.  Region II consists of New York, New Jersey, Puerto Rico and the U.S. Virgin Islands.  On the way to capturing this very prestigious award, Mike was also named Financial Services Advocate of the Year for the SBA Buffalo District as well as the State of New York.  We are very proud of Mike and his many contributions to our mission of facilitating access to capital for New York’s small businesses.  Way to go, Mike! 

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.  Kevin Hunziker, Vice President, First Niagara Bank, was elected to the Capital District-Champlain committee; Lawrence M. Harris, Vice President & Business Relationship Manager, HSBC Bank USA, was elected to the Binghamton committee; and Bruce Davidson, Relationship Manager, Citibank; Louis Gallo, Vice President, JPMorgan Chase Bank; and Michael Goldrick, Executive Vice President, Hudson Valley Bank were elected to the Westchester-Rockland committee.  Additionally, Ronald G. Goodwin, Vice President, NBT Bank, was appointed chairman of the Binghamton committee.

Héctor Molina-Casillas joins New York City/Long Island Lending Team

Héctor Molina, an experienced 504 lender, previously employed by Capital City Economic Development Corporation in Puerto Rico as its Senior Loan Officer, joined NYBDC and Empire State CDC as a Vice President on March 17, 2008.  Héctor will be working in our NYC office.

Community Partner Update – Fulton County EDC & City of Middletown IDA

The Fulton County EDC offers financial and technical assistance for business expansion, relocation and start up.  The City of Middletown IDA provides resources and information related to increasing employment, attracting new business and industry, and providing access to numerous financing programs designed to enhance and encourage economic revitalization.  NYBDC and Empire State CDC: The 504 Company are pleased to welcome the Fulton County Economic Development Corporation and the City of Middletown IDA as Community Partners.  The Community Partner program allows us to show our support for the economic development entities that are a crucial part of our mission by sharing revenue and supporting the programs offered by the Community Partner.

Member Bank Update – USNY Bank (Bank of the Finger Lakes and Bank of Cooperstown) and Waterford Village Bank

NYBDC is pleased to welcome USNY Bank (Bank of the Finger Lakes and Bank of Cooperstown) and Waterford Village Bank as our newest members.  It is important that NYBDC diversify the reach of its loan programs by working with banks throughout New York State.

Welcome Aboard!

During the last few months, we welcomed Nate Kaminski, Alma Nunoo, Gina Sullivan and Albana Ziko to NYBDC’s Albany staff.  Nate is in our accounting department.  Alma and Gina work with our lenders as administrative assistants, and Albana works part time in loan servicing.

SBA Lending Leaders

During the most recent fiscal year, NYBDC and Empire State CDC: The 504 Company combined to generate more than 17% of the SBA approvals (by dollar amount) for New York State.

Veterans’ Loan Program

Interest in this great loan program is growing and we could not be more pleased.  Very attractive interest rates and a strong commitment to provide access to capital to veteran owned small businesses are the hallmarks of this program and are helping us get the word out.  The continuing support from Comptroller DiNapoli and the New York State Common Retirement Fund is the key to the low rates.  Do you have a veteran owned business in your portfolio that could benefit from this loan program?  The current fixed rate for a five-year SBA guaranteed term loan is 4.08%.  Consider using this loan program to serve your current customers or attract new customers to your bank.  The loan amounts are limited to $150,000.

Jobs, Jobs, Jobs …

In 2007, NYBDC and its affiliates approved 455 loans for a total of $220.5 million, creating or retaining 9,161 jobs in New York State.

Community Reinvestment Act

Please be sure to consider your organization’s activity with NYBDC and its affiliates along with the other CRA activity of your organization.  The New York State Banking Department has advised that “investment in or loans to NYBDC are the types of activities encouraged by New York State’s CRA statute.  Such involvement has generally been considered favorable in assessing a bank’s CRA performance.”  The various federal regulations that address CRA provide that community development includes activities that promote economic development by financing businesses or farms that meet the size eligibility of the SBA 504 Loan Program or have gross annual revenues of $1 million or less.  During 2007, NYBDC funded more than $21.7 million in loans to small businesses, including 65 loans for $16.9 million to small businesses with revenue of $1 million or less.  Each of the loans that your organization made in conjunction with an SBA 504 loan met the relevant size standard and also constituted community development activity.

Dave Terrenzio Retires

Executive Vice President Dave Terrenzio retired on December 31, 2007.  Dave’s employment with NYBDC covered 17 of our most formative years.  He guided explosive growth of our portfolio, trained the best SBA lenders in the business and was a powerful influence on our culture.  The lore of NYBDC will never be complete without recognition of Dave’s pivotal role in our companies as he worked quietly and consistently behind the scenes.  Those of us who were privileged to work with him will always appreciate the magnitude of his contribution to what we have become and our potential for the future.

SBA Releases Revised SOP

In March 2008, SBA released the completely revised standard operating procedures for loan processing – SOP 50-10(5) Loan Processing – which are effective on May 1, 2008.  We are working hard to identify the policy changes incorporated in the new SOP and will be attending extensive training regarding implementation of the changes.   Please feel free to call us if you have a question regarding the new procedures.

Government Procurement Assistance

Procurement Technical Assistance Centers support, guide and assist small businesses as they endeavor to sell goods and services to the government.  The process of conducting business with any level of government can be a daunting prospect for small businesses.  It is very much an online system, and there is a maze of certifications, registrations and other requirements that a business must navigate to become eligible to sell to the government.  A procurement assistance program helps to decipher this system and enable small businesses to “crack the code” of the governmental procurement process.  NYBDC and Empire State CDC have agreed to provide financial support to the Procurement Technical Assistance Center established by the Fort Drum Regional Liaison Organization in Watertown, New York at the rate of $2,000 per month.  The goal is to facilitate access for New York’s small businesses to the massive government contracting opportunities that Fort Drum represents.  Our financial support of this most worthy endeavor is just another example of our commitment to the growth of opportunity for small business in New York!