The New York Business Development Corporation, the fourth largest lender in the country, is actively seeking applicants for its small business loan program. Tom Reynolds, an NYBDC representative told the CBID board at its November meeting that the Small Business Administration’s loan program, known as the 504 program, is now offering the lowest interest rate it’s had in 20 years, 5.4%.
“If you can lock it in now at 5.4 percent,” Reynolds told the board, “you’re doing pretty good.” The 504 Program is best for long term capital improvements, including real estate and equipment, Reynolds said. The SBA’s 504 Loan Program is administered through the NYBDC. The NYBDC’s is the goal is to assist, promote and advance the business prosperity and economic welfare of the State of New York by providing loans to small businesses including start-up, early stage and mature businesses with a particular emphasis on minority and women owned businesses.
For more information about how to apply, visit the NYBDC website at www.nybdc.com or call them toll free at 1-800.9-BDC-504.
