PathStone Corporation Receives $1.5 million in New York State Small Business Revolving Loan Fund Allocations
Governor Paterson announces $25 million in Small Business Revolving Loan Fund allocations throughout State
ROCHESTER, NY (Nov. 18, 2010) - Governor David A. Paterson and Empire State Development (ESD) announced today allocations from the State’s new Small Business Revolving Loan Fund to twenty community development financial institutions (CDFIs) and other community-based lending organizations throughout New York State. The Small Business Revolving Loan Fund is targeted to ‘Main Street,’ everyday businesses and will provide $50 million in loans to small businesses across New York State over the next two years. The PathStone Enterprise Center received one of the largest awards in the state, $1,500,000.
“The funding allocations announced today are a major step in easing the small business capital crisis and promoting the growth and development of small businesses in New York,” Governor Paterson said. “As small businesses typically create the most new jobs after a recession, today’s announcement is critical to the recovery of our economy. This program will provide the critical capital necessary to help businesses retain employees, create new jobs, and help grow our State economy.”
The Small Business Revolving Loan Fund was announced by Governor Paterson in July. The announcement of $25 million in State allocations, in combination with $25 million in additional private matching funds from the selected lending institutions, will provide a total of $50 million in additional capital to small businesses throughout New York State that are having difficulty accessing traditional credit markets.
“It’s increasingly difficult for small businesses to get even lines of credit,” said Lee Beaulac, senior vice president of economic development for PathStone Corporation. “During the current downturn environment, that ability to come in and take a second-position loan becomes increasingly important.” The Small Business Revolving Loan fund provides PathStone with $1.5 million in low-interest loan capital that can be used to make loans to small and micro businesses.
The PathStone Enterprise Center has a rich history of assisting businesses that have had trouble accessing traditional credit markets. Since 1992, it has made 338 loans to small and micro business owners, totaling $11.4 million and impacting more than 3,300 jobs. Additionally, PathStone provides comprehensive pre-loan and post-loan training and technical assistance to entrepreneurs. In 2010, PathStone graduated more than 400 individuals from its business training classes, and provided technical assistance to 3,000 more.
For more information PathStone’s small business lending efforts and its Microenterprise Assistance Program (MAP), please visit the PathStone Enterprise Center website at http://www.theenterprisecenterinc.com, or call 585-340-3304 or 585-340-3387 to speak with a loan officer.