NYBDC-Business NY Says Record Growth in Small-Biz Loans

CNY Business Journal (1996+), Dec 17, 1999

SYRACUSE-NYBDC-Business New York, which provides financing to help small businesses remain and expand in New York State, announced in its recent financial statement for the fiscal year ending Sept. 30, 1999, that it has a statewide loan portfolio of $241 million as of September 30, up 15 percent from $208.5 million the previous year.

The 15-percent increase exceeds the national and statewide average for growth, according to Kevin Timmons, banking analyst for First Albany Corp., who reports that loan activity rose 6.8 percent nationally from June 1998 to June 1999 and 7.5 percent in New York State.

Statewide, NYBDC-Business New York approved 320 loans totaling $108.6 million during 1999. In Onondaga County, it approved three loans totaling $704,000. Companies in the Syracuse area receiving NYBDC-Business New York loans this year include Knight's Inn Motel in Liverpool, Kyoko Japanese Restaurant in Fayetteville, and Professional Placement Services in Syracuse.

The NYBDC loan portfolio has grown by double digits every year for the past six years, increasing 21 percent from 1993 to 1994, 14 percent from 1994 to 1995, 18 percent from 1995 to 1996, IS percent from 1996 to 1997, 11 percent from 1997 to 1998, and 15 percent from 1998 to 1999.

NYBDC works with banks across New York State to provide loans to businesses for realestate acquisition, building improvements, the purchase of equipment and machinery, and for working capital.

A privately owned financial organization funded by 157 banks from around the state, NYBDC is a leading provider of long-term financing for small businesses; it is the largest provider of SBA 504 commercial secondmortgage loans in New York State. Its gross loan portfolio is $250 million. NYBDC has finance centers in New York City, Rochester, and Albany, and satellite finance centers in Brooklyn, Bronx and Queens, Long Island, and

Buffalo. :3