Albany, New York (PRESS RELEASE – June 13, 2011) – New York Business Development Corporation (NYBDC) has expanded its small business lending program to include financing for small businesses in New York State which seek to enter into a new export market or expand an existing export market.
The global marketplace offers virtually unlimited potential for small businesses to expand its sales and thereby enhance employment opportunity and the prosperity of our state. Growth of our economy through export is a national, state and regional priority which NYBDC seeks to support with the expansion of its lending program.
The U. S. Small Business Administration (SBA) is an important partner for this initiative as loans will be processed and approved under the SBA Export Express Program.
“World markets are available for products and services produced by New York’s small businesses. Expansion into those markets present opportunities and challenges but the rewards can be significant,” said Patrick MacKrell, NYBDC’s President and CEO. “NYBDC is committed to providing the capital necessary to allow New York’s small businesses to start, sustain or grow export sales as well as their core business operations.”
NYBDC will offer loans in amounts ranging from $25,000 to $500,000 to businesses that meet the normal requirements for SBA 7(a) business loans, including manufacturers, wholesalers, export trading companies and service exporters. Loan applicants must demonstrate that the loan proceeds will enable them to enter a new export market or expand an existing export market. Additionally, applicants must have been operating the business, though not necessarily exporting, for at least 12 months.
Expansion of NYBDC’s loan program to include the SBA Export Express program is consistent with its mission and facilitates access to capital for small businesses with export potential.
NYBDC is a consortium consisting of 127 banks doing business in New York State. Its purpose is to facilitate loans to small businesses that do not qualify for conventional financing. This collaboration highlights the commitment of New York’s banks to small business and recognizes that “sharing risk” among the member banks of NYBDC allows for a more expansive appetite for risk and, therefore, a greater likelihood that the requests by creditworthy businesses will be approved.