January 2002

Cortland BDC Teams with NYBDC on Agribusiness Lending Program

Cortland, NY -- The Cortland County Business Development Corporation is working with the New York Business Development Corporation to promote a new agribusiness lending program designed to enhance growth in upstate farm communities.

"Farms and agriculture related business have long been an important mainstay of the New York economy," according to the NYBDC, "but access to financing is a paramount concern for these businesses." To respond to that need, the NYBDC has started a new division to focus on rural communities. The BDC is an Associate Development Company of the NYBDC and BDC Executive Director Linda Hartsock serves as a NYBDC board member.

The Cortland BDC will be working with Francis Pipczynski, assistant vice president of the NYBDC, on this new agri-lending initiative. Pipczynski was most recently with Central National Bank of Canajoharie and brings over 19 years of agricultural lending experience with both Farm Credit System and First Pioneer Farm Credit. "He has extensive understanding and knowledge of the agricultural industry in New York State and we are pleased to have him join the NYBDC staff," said NYBDC Senior Vice President David Terrenzio.

"This will be an extension of our great partnership with the NYBDC," said Hartsock, "and will enable us to fill a niche in Cortland by enabling us to work directly with farmers and other agribusiness owners to help meet their finance needs. Up to this point it has been difficult to identify resources for some agri-projects. This new agribusiness lending initiative recognizes the special needs of upstate rural communities, and we look forward to helping local farms connect with the program."

Appointments to discuss loan inquiries or other issues related to the NYBDC Agribusiness Lending Program can be made by calling the BDC at (607) 756-5005. NYBDC loan specialists meet monthly with Cortland businesses at the BDC offices, 37 Church Street, Cortland.

The NYBDC is a privately owned and managed corporation in which 156 New York State commercial and savings banks, shareholders and the New York State Common Retirement Fund pool resources and share risks to help diverse small business enterprises expand in New York State. Functioning in partnership with the banking community and the public sector, NYBDC provides a means of access to capital for small to mid-sized businesses for the purposes of economic development.