January 2002

SBA/NYBDC "Business Assistance Days" Set for Cortland in 2002

Cortland, NY -- The Cortland County Business Development Corporation, in conjunction with the US Small Business Administration and the New York Business Development Corporation, is once again sponsoring "Business Assistance Days" for Cortland County companies and entrepreneurs to meet with finance specialists to obtain free technical assistance with business financing.

SBA and NYBDC representatives will be available from 10 a.m. until 3 p.m. on the first Thursday of each month in the conference room at the BDC office at 37 Church Street. Meetings are by appointment and can be arranged by calling the BDC at (607) 756-5005.

The SBA/NYBDC "Business Assistance Days" for 2002 are:

The SBA's primary business loan program, the 7(a) Loan Guaranty, helps secure loans to businesses who cannot obtain financing on reasonable terms by reducing risk to lenders who approve and service the loans in return for SBA guarantees. There are a number of loan programs under the 7(a) program that address specific needs. For small business loans of $150,000 or less, a low documentation loan features a one-page SBA application, cutting the paperwork burden for both small businesses and lending institutions. If approved, the SBA guarantees up to 85% of the loan with a quick turnaround to the lender.

Other specialized SBA programs include loans for women and minority business owners, loans for short-term working capital, export working capital financing, international trade loans, and micro loans under $35,000 for small-scale financing purposes such as inventory and supplies.

Last year SBA activity in Cortland tripled, with more than $6 million in SBA projects, making Cortland the small business leader in the 10-county Southern Tier SBA Region based in Elmira.

The SBA also funds the regional Small Business Development Center which operates in partnership with SUNY Binghamton. The SBDC can assist entrepreneurs who want to start a business or small companies with growth needs to develop a business plan and market development strategy, as well as do preliminary work prior to preparing SBA loan applications. Appointments to speak with a SBDC counselor about starting a business can also be made by calling the Cortland County Business Development Corporation at (607) 756-5005.

The NYBDC is a privately owned, for-profit lending consortium which enables small business owners to get started or expand by absorbing a portion of the risk. The organization's lending power comes from its 160 bank partners who make an annual membership investment in the consortium. NYBDC provides term loans in participation with member banks for expansion and access to capital. The program offers working capital, equipment and real estate loans at fixed interest rates payable over long terms. The NYBDC also operates a not-for-profit Empire State Certified Development Corporation which provides Small Business Administration 504 loans.

NYBDC approves loans ranging from as little as $25,000 to as much as $1.5 million. By functioning in partnership with the banking community and the public sector, NYBDC not only provides a means of expansion and access to capital for small to mid-sized businesses across New York State, it also creates and preserves jobs, rejuvenates communities and assists in the growth of the entire State's economy.

For more information on the US Small Business Administration:
(607) 734-8130
http://www.sba.gov/ny

For more information on The New York Business Development Corporation:
(518) 463-2268
http://www.nybdc.com