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Lending consortium made 23 loans in Buffalo area

The New York Business Development Corp., a lending consortium that provides money to small businesses, said it gave out 23 loans in the Buffalo area last year, creating or retaining 153 jobs.

The privately owned financial organization said the loans totaled $6 million locally. Recipients of loans included Kids World Child Care in Getzville, United Graphics in Buffalo, SSC Custom Apparel in Blasdell, Zehr's Farm Market & Nursery in Burt, Franbilt Machining LLC in Lockport and An-Cor Industrial Plastics in North Tonawanda.

Statewide, the group boosted its lending 16.7 percent to $103 million in fiscal 2006, creating or retaining 2,887 jobs, officials claimed. That increased its total loan portfolio by 8.3 percent to $471 million.

It also opened a new office in Syracuse to serve Central New York, in addition to existing offices in Albany, Buffalo, Long Island and New York City. And it added a $100 million loan with the New York State Common Retirement Fund to support long-term, fixed rate loans statewide.

The consortium provides financing for small businesses that don't qualify for traditional loans by sharing the risk with banks. Its subsidiary, Empire State Certified Development Corp., uses the U.S. Small Business Administration's 504 loan program to offer long-term, fixed rate financing so firms can buy or improve real estate and equipment.


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