A Message from Our CFO

During fiscal year ending September 30, 2014, NYBDC and its affiliates closed and disbursed loans totaling $192.0 million (104% of its fiscal year goal).  While this amount was less than the prior fiscal year, the total units closed increased.  The prior fiscal year also benefited from the SBA 504 Refinance program, which is no longer available.
Loan approval activity was strong as well, with NYBDC and its affiliates approving loans totaling $239.0 million during the year. As of September 30, 2014, the total managed portfolio of $1.29 billion is approximately 1% higher than it was one year ago. NYBDC and its affiliates met or exceeded all income goals for the fiscal year, which is directly proportionate to loan closing activity and the managed loan portfolio.  
It was another remarkable year, with incredible feats that could not have been attained without the dedicated staff of NYBDC and their unwavering commitment to the mission of NYBDC.  We are excited with the growth that NYBDC has attained over the last 10 years.  In 2004, NYBDC had 40 employees.  As of September 30, 2014, NYBDC had 84 employees.  Our organization is truly making a difference and the next 10 years should prove to be exciting times for all involved!

Owen Burns
Chief Financial Officer, NYBDC  


Report on Operations – FY 2014

Adjusting (and Re-Adjusting) our Focus to Find and Fill the Gaps 

Almost six decades ago, New York’s banks recognized the need for an additional resource to provide capital for small businesses so they could create jobs and opportunity in communities across New York State. They joined together with other public-minded companies interested in providing a resource for small businesses and created New York Business Development Corporation (NYBDC). Our enabling statute set the framework for a unique organization and also established our core mission: to create opportunity and promote prosperity by supporting the capital needs of small businesses to start, sustain and grow operations. From the beginning, NYBDC has been a bank crafted and funded alternative to address financing needs not filled by the commercial loan products available in the market. The work of NYBDC as an alternate lender is not separate or independent of its member banks, but instead represents our members’ commitment to serve small business – both directly through their own product offerings and indirectly through their support of NYBDC and its affiliates.