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Empire State Certified Development Corporation
I. ORGANIZATION OR AGENCY
New York Business Development Corporation
50 Beaver Street
Albany, NY 12207
TELEPHONE:
(518) 463-2268
(800) 923-2504
FAX:
(518) 463-0240
WEBSITE:
www.nybdc.com
II. PROGRAM NAME & CONTACT
Empire State Certified Development Corporation
Patrick J. MacKrell
President and CEO
III. PROGRAM FEATURES AND ELIGIBILITY
AREA OF ELIGIBILITY:
New York State
USE OF FUNDS:
Companies in need of mortgage or equipment financing
TYPE OF BUSINESSES ELIGIBLE:
Industrial, commercial and service-oriented businesses
PERCENT OF PROGRAM PARTICIPATION IN PROJECT:
40% second mortgage financing
Bank or NYBDC supplies first mortgage - 50%
Equity investment - 10%
RATE:
Fixed rate
LENGTH:
Ten Years - Machinery/Equipment
Twenty Years - Real Estate
SUBORDINATION:
Empire State Certified Development Corporation will take a subordinate ( second or third) position.
FEES:
Loan Amount |
Fee Amount |
$0 - $500,000
Greater than $500,000 |
$650
$1,200 |
Note: The fees paid shall be a deposit against the processing fee and shall be refunded to the Borrower upon the funding of the SBA 504 Loan. In the event that the SBA 504 Loan is not funded the processing fee may be retained to the extent permitted by SBA Regulations as reimbursement for direct and indirect costs in the processing of the application.
IV. APPLICATION PROCESS AND AVAILABILITY OF FUNDS
APPLICATION DEADLINE:
Applications are presented at weekly loan committee meetings.
PROCEDURE:
Applications are available from NYBDC's Albany office or online at www.nybdc.com.
AVERAGE LENGTH OF TIME BETWEEN RECEIPT OF FULLY COMPLETED APPLICATION AND CLOSING:
Application usually takes three weeks for approval decision, and another two to four weeks to closing.
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