Purpose

During 2006, the Comptroller’s office made an additional $100 million available to NYBDC for innovative loan structuring to creditworthy small and medium-size New York State businesses. Created by an act of the State Legislature in 1955, NYBDC is a private corporation funded by over 160 New York State commercial banks and thrift institutions.  Its mandate includes promoting employment and economic development through long-term loans to businesses.

Eligibility   

Borrowed funds are usually in the range of $25,000 to $1,300,000 at fixed interest rates. These loans can be use for working capital, real estate, leasehold improvements, machinery & equipment (M&E), relocation costs, debt refinancing, and business acquisitions. NYBDC term loans amortize based on three to twenty year repayment schedules depending on the purpose of the loan:

 

• Working capital is 5 to 7 years;
• M&E is up to 10 years old and;
• Real estate is up to 20 years

Contact      

Patrick MacKrell
President & CEO
New York Business Development Corporation
50 Beaver Street
Albany, New York  12207
(518) 463-2268

Chet Sadowski
Senior Vice President
New York Business Development Corporation
633 Third Avenue, 36^th Floor
New York, New York 10017
(212) 803-3674