January 29, 2007
The Rockland Business Association has signed agreements with the U.S. Small Business Administration and the New York Business Development Corporation, making it easier for small businesses in the RBA to obtain capital.
"The RBA, the U.S. Small Business Administration and the New York Business Development Corporation share something in common - a mission to help small businesses grow. These partnerships will give our members greater flexibility in accessing capital," RBA CEO and President Al Samuels said.
The loans offered through the two organizations are at competitive, and sometimes discount, interest rates and can be as much as $4 million. The typical loan garnered is around $100,000. Last year 144 Rockland County businesses received $18,757,200 in SBA loans. With the RBA's new agreement that number is expected to increase.
Because the organizations offer a guarantee on the loans to qualifying applicants, business owners are often able to obtain loans that they could not get in the regular marketplace. The cooperative agreement will streamline the application process for RBA members.
NYBDC was created by an act of the New York State Legislature in 1955 and is a private corporation funded by 145 New York State commercial banks and thrift institutions. The SBA was formed in 1953. The New York District Office of the SBA, covering 14 downstate counties including New York City and Long Island, loaned out over $600 million in loans last year alone. There are 68 district offices of the SBA. |
February 8, 2007
Winners of RBA Pinnacle Awards to be announced next week - Sponsorships still available for the awards program
RBA proud to announce first annual "Rockland Open" golfing event
More Stories
Samuel’s Gives Annual State of the RBA Address
RBA helping to secure avenues of capital for small business owners
Archived Newsletters
|
