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NewYorkBusinessDevelopment Corporation
Empire StateCDC:The504 Company
Statewide ZoneCapital Corporation
Lending Partners Across the State
Access to capital for creditworthy businesses
www.nybdc.com ANNUAL REPORT 2010
Members
Adirondack Bank
Adirondack Trust Company
Alliance Bank
Alpine Capital Bank
Amalgamated Bank
American Community Bank
Apple Bank for Savings
Astoria Federal Savings
Axa Equitable Life Assurance Society
of the United States
Ballston Spa National Bank
Bank Hapoalim
Bank of Akron
Bank of America
Bank of Bennington
Bank of Castile
Bank of Cattaraugus
Bank of China
Bank of Greene County
Bank of Holland
Bank of Millbrook
Bank of Richmondville
Bank of Smithtown
Bank of Utica
Beacon Federal
Berkshire Bank
Bridgehampton National Bank
Canandaigua National Bank
& Trust Co.
Capital Bank & Trust Company
Capital One Bank
Carver Federal Savings Bank
Catskill Hudson Bank
Cattaraugus County Bank
Cayuga Lake National Bank
Champlain National Bank
Chemung Canal Trust Company
Citibank
Citizens Bank
Commerce Bank
Community Bank
Country Bank
Dairylea Cooperative Inc.
Delaware National Bank of Delhi
Dime Savings Bank of Williamsburgh
East West Bank
Elmira Savings Bank
Empire State Bank
Evans National Bank of Angola
First National Bank of Dryden
First National Bank of Groton
First National Bank of Jeffersonville
First National Bank of Long Island
First National Bank of Scotia
First Niagara Bank
First State Bank
Five Star Bank
Flushing Savings Bank
Fulton Savings Bank
Genesee Regional Bank
Glens Falls National Bank
& Trust Company
Gold Coast Bank
Gotham Bank of New York
Gouverneur Savings
& Loan Association
Greater Hudson Bank
Habib American Bank
Hamptons State Bank
HSBC Bank, USA
Hudson Valley Bank
Israel Discount Bank of New York
J.P. Morgan Chase Bank
KeyBank
Lakeshore Savings Bank
Legacy Banks
Lyons National Bank
M&T Bank
Mahopac National Bank
Maple City Savings Bank
Medina Savings & Loan Association
Mitsubishi UFJ Trust
& Banking Corporation (USA)
NBT Bank
National Bank of Coxsackie
National Bank of Delaware County
National Union Bank of Kinderhook
New York Commercial Bank
Northfield Bank
Northwest Savings Bank
Oneida Savings Bank
Orange County Trust Company
PathFinder Bank
Patriot Federal Bank
Peoples National Bank
Pioneer Savings Bank
Provident Bank
Putnam County National Bank
of Carmel
Putnam County Savings Bank
Rhinebeck Savings Bank
Ridgewood Savings Bank
Riverside Bank
Rome Savings Bank
Rondout Savings Bank
Safra National Bank of New York
Saratoga National Bank
& Trust Company
Savannah Bank
Sawyer Savings Bank
Signature Bank
Solvay Bank
Sovereign Bank
State Bank of India
State Bank of Long Island
Sterling National Bank
Steuben Trust Company
Stissing National Bank
of Pine Plains
Suffolk County National Bank
TD Bank
The Berkshire Bank
Tioga State Bank
Tompkins Trust Company
Trustco Bank, New York
Ulster Savings Bank
Upstate National Bank
USNY Bank
Valley National Bank
Victory State Bank
Walden Federal Savings
& Loan Association
Walden Savings Bank
Wallkill Valley Federal Savings
& Loan Association
Watertown Savings Bank
Wilber National Bank
It has been a challenging few years for small business.
Notwithstanding these challenges, many of our small
business borrowers report encouraging improvement in
revenue in FY 2010 and a growing sense of optimism.
Commercial loan demand appears steady, although at a
reduced volume; incentives and enhancements to SBA
loan programs appear to be having a positive effect on
small business lending and our portfolio continues, on
balance, to perform well.
Our member banks are effectively serving creditworthy
borrowers and working with NYBDC to assist potential
borrowers access capital if a conventional solution is not
available. Despite the overwhelmingly negative views
expressed in the media, New York’s small businesses are
particularly well served by a creative and committed
banking community that has recognized the importance of
small business to our economy.
Many of the same banks (and their legacy partners) that
support NYBDC today were among the group that formed
NYBDC more than 55 years ago…as a bank funded
alternative for small businesses that are not able to qualify
for conventional financing. The leadership of the New
York banking community and its commitment to our state
and its small businesses are apparent each and every day in
communities across our state. Our partnership results in a
unique alternative that promotes opportunity and
prosperity…going beyond the conventional solution.
It is clear that the pace and depth of economic recovery
will be largely determined by small businesses as they are
expected to create the vast majority of new jobs. If small
businesses are indeed the “engine” that drives our
economy, thecapital provided to these small businesses by
NYBDC and our lending partners is the “fuel” necessary
to move us forward.
During FY 2010, we saw a substantial (38 percent)
increase in demand for SBA 504 loans, all in support of
capital projects, reversing the decline we experienced in
FY 2009. This increase was partially offset by a decline
(27 percent) in conventional and SBA 7(a) loan approvals
after record-breaking approvals in FY 2009. This decline
was the result of increased SBA lending activity by many
SBA lenders. Overall, our loan approvals increased $30.8
million or 15.6 percent.
On a combined basis, NYBDC and EmpireState CDC
was again the leading SBA lender in NewYorkState by
dollar amount with loan approvals representing more than
25 percent of the total loan approvals. SBA incentives
under the American Recovery and Reinvestment Act of
2009 (ARRA), though erratic due to funding issues,
provided a boost to small business lending. A similar result
is expected from the recently passed Small Business Jobs
Act of 2010, which not only provides funding to extend
the temporary fee reductions and guaranty increases
contained in ARRA, but also provides some important
resources to serve small businesses going forward,
including a permanent increase in the maximum loan
amount to $5 million and a temporary provision that
permits the SBA 504 program to be used to refinance debt
on owner occupied property. All are significant tools to
help us help small business start, grow or sustain
operations.
We exceeded our income, closing and portfolio goals
while increasing our pipeline of loans on commitment to
$247 million. We expanded our assistance to lending and
economic development partners by providing processing
and underwriting services. We continue to develop exciting
partnerships designed to promote access to capital for
small business by our lending and community partners.
New YorkBusinessDevelopmentCorporation 1
Report on Operations
(continued on page 2)
Prepare for the Recovery…
Patrick J. MacKrell, President and CEO, and
James J. Byrnes, Chairman of the Board, NYBDC
2 2010 Annual Report
Significant aspects of our FY 2010 performance include:
• Revenue increased 11.7 percent to $12.8 million;
• Income before taxes increased 28.9 percent to $2.1
million;
• Loans approved in FY 2010 are expected to create or
retain 10,336 jobs; and
• Loans to minority or women-owned businesses
represent approximately 35 percent of our loan
portfolio.
A key milestone was the increase in our managed
portfolio by $286 million (37 percent) to $1.05 billion,
driven by strong loan closing activity ($141 million),
increased servicing for other lenders and the addition of
SBA 504 loan portfolios totaling $180 million that were
transferred to EmpireState CDC by the SBA. The
substantial increase in non-interest income resulting from
the growth in our serviced portfolio will support economic
development activities across our entire area of operations
and will allow us to expand our support of small business.
In November 2009, we were challenged by Senator
Charles Schumer to develop and fund a “second look”
loan program. We received strong support and
encouragement from Senator Schumer and theNew York
Bankers Association. Our member banks responded
enthusiastically and generously with loan commitments to
facilitate a $10 million loan fund. What is now our
Credit
for Success – Second Look Program
provides a second
look at loans that have been declined by the bank of
account and includes technical assistance provided by the
New YorkState Small BusinessDevelopment Centers.
This program is a clear example of collaboration with our
member banks to craft appropriate and timely responses to
the challenges faced by small business.
Although there is much still to be done, NYBDC
remains able and committed to provide resources not only
to NewYork State’s small businesses but also to other
lending and community partners in a way that benefits
small business by facilitating access to capital from many
and varied sources. We remain optimistic about the future
and work each and every day to speed economic recovery
through our efforts to provide the opportunity for
businesses to start, sustain or grow operations and increase
employment and opportunity.
We are not just preparing for the recovery…we are
doing our part to make it happen!
Report on Operations
(continued from page 1)
Patrick J. MacKrell James J. Byrnes
President & CEO Chairman of the Board
(in millions)
(in millions) (in millions)
$141,087,368
$233,551,235
$1,050,656,977
2006
2007
2008
2009
2010
2006
2007
2008
2009
2010
2006
2007
2008
2009
2010
Loan Advances
Total
Loan Approvals
Total
Loan Portfolio Managed
Total
NYBDC
New YorkBusinessDevelopment Corp.
Board of Directors
Ronald M. Bentley
President & CEO
Chemung Canal
Trust Company
Elmira, New York
G. Gary Berner
Executive Vice President
First Niagara Bank
Buffalo, New York
Mary C. Bintz
Senior Vice President
Bank of America
Merrill Lynch
Albany, New York
Mark C. Boyce
Director
N.Y. Life Investment
Management, LLC
New York, New York
Bruce W. Boyea
Chairman, President & CEO
Security Mutual
Life Insurance Company
Binghamton, New York
Dale A. Burnett
Manager
Real Estate Restructuring
AIG Investments
New York, New York
James J. Byrnes
Chairman
Tompkins Financial
Corporation
Ithaca, New York
Robert L. Como
Senior Vice President
JPMorgan Chase Bank
White Plains, New York
Robert M. Curley
Chairman
New York Region
Berkshire Bank
Albany, New York
F. Edward Devitt
President
Devitt Management
& Associates
Montgomery, New York
Linda Dickerson
Hartsock
Executive Director
Center for CleanTech
Entrepreneurship
Syracuse, New York
Hugh Donlon
President
Northeast Region
KeyBank
Albany, New York
Daryl R. Forsythe
Chairman
NBT Bancorp
Norwich, New York
Thomas F. Goldrick, Jr.
Retired Chairman
State Bank of Long Island
Jericho, New York
Robert C. Jussen
Senior Vice President
HSBC Bank USA
New York, New York
Robert W. Lazar
Retired President
New York Business
Development Corporation
Albany, New York
Patrick J. MacKrell
President & CEO
New York Business
Development Corporation
Albany, New York
Brian T. McMahon
Executive Director
New YorkState Economic
Development Council
Albany, New York
Carl E. Meyer
President & CEO
The Solar Energy Consortium
Kingston, NY
Dennis M. Mullen
Commissioner
New YorkState Department of
Economic Development
Rochester, New York
Allen J. Naples
Regional President
M&T Bank
Syracuse, New York
Lisa M. Quiroz
Senior Vice President
Corporate Responsibility
Time Warner
New York, New York
Marjorie Rovereto
President & CEO
Ulster Savings Bank
Kingston, New York
Michael P. Smith
President & CEO
New York Bankers
Association
New York, New York
George Strayton
President & CEO
Provident Bank
Montebello, New York
Mark E. Tryniski
President & CEO
Community Bank
DeWitt, New York
Maryann M. Winters
Certified Public Accountant
Sirchia & Cuomo, LLP
East Syracuse, New York
Lewis Yevoli
Retired NewYork State
Assemblyman
Old Bethpage, New York
John Rhea
Chairman
New York City
Housing Authority
New York, New York
Hugh A. Johnson
Chairman
Hugh Johnson Advisors, LLC
Albany, New York
New YorkBusinessDevelopmentCorporation 3
4 2010 Annual Report
For years, Douglas Oakland had been looking for a way to expand his successful restaurant and marina in Hampton Bays,
Oakland’s Restaurant and Marina. Then, last year, he learned that the owner of an adjacent restaurant and marina on Shinnecock
Inlet was looking to retire and had put his business on the market. Oakland knew this was just the right opportunity for him and
his customers.
The adjacent business sat on two and a half acres and consisted of two buildings, a 3,000-square-foot restaurant that seats
107 inside and another 80 on the deck and a building that serves marina customers. By purchasing the business, Oakland was
able to accomplish his goal of expansion, and eliminate direct competition for his business.
With the help of Chris Van Bell and Mike Quigley at M&T Bank, Oakland was put in touch with Richard Amsterdam, vice
president at NYBDC. Through the collective efforts of M&T Bank and NYBDC, Oakland was able to secure financing to make
the purchase. M&T Bank provided the $1.417 million first mortgage financing and EmpireStateCDC:The504 Company
provided another $859,000 in financing. M&T Bank also provided a $1.022 million separate mortgage on an affiliate property to
complete the transaction at the agreed upon purchase price. With that, Sunday’s on the Bay Restaurant and Marina was created.
“Since he operated the adjacent restaurant and marina, Sunday’s on the Bay was a logical transaction for Doug,” said
Amsterdam. “The transaction limited direct competition and provided Doug, Oakland's Restaurant and Marina and Sunday's on
the Bay with the opportunity to utilize economies of scale and symmetries to grow and expand his business.”
“Rich and Chris were great to work with,” said Oakland. “There was a lot of work involved, but there was nothing we
couldn’t handle. This is a great program and we got some great rates.”
Sunday’s on the Bay is a full-service restaurant and marina, drawing customers from the local area, as well as vacationers
and commercial fishermen. The restaurant offers mid-priced seafood entrées and caters to families. Open from early spring to
late fall, the marina has 40 slips with the average size boat docked there being 30 feet in length. In addition, Sunday’s on the
Bay offers diesel and gas to customers and has a large-scale ice generating machine used by both sport and commercial
fishermen.
With the purchase of thenew venture Oakland was able to retain 15 individuals employed by the former owner and add
another 20 new jobs. These positions include wait and bus staff, bartenders, kitchen workers and marina staff. In addition,
Oakland employs 90 at Oakland’s Restaurant and Marina.
Oakland has what he calls “high expectations” for thenewbusiness he owns, with plans for upgrades in the restaurant and
expansions to the fuel dock and the sport fishing marina.
Empire StateCDC:The504Company • The504Company is authorized by the SBA to offer the SBA 504 loan
program in NewYork State. The SBA 504 loan program facilitates financing up to 90% of project costs for acquisition and/or
improvement of owner-occupied commercial real estate, machinery and equipment. The504Company is managed by
NYBDC.
By purchasing adjacent business, restaurant
and marina owner meets expansion goal and
eliminates competition
Sunday’s on the Bay
Hampton Bays, New York
New YorkBusinessDevelopment Corp. 5
Chris Van Bell of M&T Bank, Douglas Oakland of Sunday’s on the Bay and Rich Amsterdam
of NYBDC.
6 2010 Annual Report
Within only two years of its founding, Premier Flooring Yonkers and Premier Flooring Liquidators’ owner John Posimato
was faced with the fact that his businesses were growing so fast that they had outgrown the 6,500-square-foot warehouse facility
in Elmsford from which they operated. In order for the businesses to continue on its growth trajectory, Posimato knew that he
needed to plan for an expansion.
The companies had been operating in very cramped space with no showroom and minimal warehouse space. In addition, the
location was in an industrial park with no road frontage, difficult access and limited parking.
Expansion was a must and so Posimato purchased property on Saw Mill River Road, a busy thoroughfare in Elmsford,
approximately a third of a mile from the original facility, and began construction of an 11,000-square-foot commercial building.
Premier Flooring Yonkers has three separate divisions: builder, commercial and residential. Its clients include Elizabeth
Arden, Trump Park Residence and Gateway Condominiums. Thecompany installs laminate, carpet, ceramic and vinyl flooring
and flooring accessories such as custom runners and elegant stair rods. Flooring Liquidators purchases bulk flooring products
that are close-out items from major manufacturers and sells them to its customers at prices that are often lower than those of
Posimato’s competitors as a result of his contacts in the industry.
Posimato credits Tony Palmesi at Mahopac National Bank, his business banker, with introducing him to EmpireState CDC
and the SBA 504 loan program. Together with Mahopac National Bank, NYBDC Senior Vice President Tom McHale was able
to put together financing that enabled Posimato to purchase the property and construct thenew building, which was designed
with LEED certified materials. Mahopac National Bank provided a first mortgage of $1.5 million and EmpireStateCDC: The
504 Company provided a second mortgage in the amount of $1.2 million.
Now, Premier Flooring has a 3,000-square-foot showroom with room for 50 to 60 wood floor displays, and Flooring
Liquidators has its own 6,000-square-foot showroom. Thenew facility has excellent road frontage and parking. This increased
visibility has allowed Posimato to significantly reduce his advertising expenses. He estimates that he has saved at least $30,000
in advertising costs over last year.
“The relocation to a new, much larger facility was an aggressive move for John after only two years of operations,” said
McHale. “Mahopac National Bank, as his relationship bank, was very familiar with John and his business and recognized early
on that the504 program was a good fit for the transaction. The use of the SBA 504 program allowed thebusiness to retain its
cash for working capital purposes, which was necessary given its rate of growth.”
“My experience with Tom McHale and NYBDC was great,” Posimato said. “He was very diligent and told me what we
needed to do; I got it done and everything went very smoothly.”
The relocation to thenew facility and expansion have helped revenues grow to almost double what they were prior to the
move and fostered the creation of more than 10 jobs.
Empire StateCDC:The504Company • The Small Business Jobs Act of 2010 increased the SBA 504 loan
amount to $5 million and created the opportunity to use the program to refinance debt on certain projects.
Flooring companies’ expansion and
move to high-traffic location results in
significant increases in sales
Premier Flooring
Yonkers, Inc. and
Flooring Liquidators
Inc.
Elmsford, New York
Tom McHale of NYBDC, Kim Arco of Mahopac National Bank and John Posimato of Premier Flooring.
8 2010 Annual Report
Since the 1930s, Mercer’s Dairy has been a familiar name in Upstate New York. Located in the rural community of
Boonville, a region dominated by dairy farming and other agri-businesses, Mercer’s Dairy had its beginnings as a traditional
milk bottling and delivery service. Yet, all along, Mercer’s has had a history of reinvention.
In 1952, Earl Mercer began ice cream production. In the first year, Mercer’s produced nearly 5,000 gallons of ice cream.
During the late ‘50s and early ‘60s, Mercer continued expanding his business and opened stores throughout the area.
Through a succession of owners, Mercer’s Dairy continued to offer high quality dairy products, and by 2001 was producing
150,000 gallons of ice cream annually.
In 2002, Quality Dairy Farms, Inc., a collective of nine farm families from Lewis and Jefferson counties, acquired
Mercer’s in an effort to help shore up its longstanding role in the community and provide the leverage and inspiration
needed for it to grow and compete with larger companies. For several years, the farm families struggled to support the
company as it faced stiff competition from the major ice cream brands. They were convinced that they needed to create a
unique product that could bolster and become synonymous with their company brand.
In 2007, Mercer’s created a true wine ice cream, a formula that contains five percent alcohol and is protected by trade
secrets. Working with state and federal agencies to create a new category of food product and driving the passage of special
legislation, Mercer’s expanded its commitment to its agricultural roots by additionally supporting NewYorkState wine
growers and opening new avenues for the distribution of its traditional and new product lines.
Mercer’s Dairy was not able to secure financing from conventional lenders to initiate a marketing plan for the new
product and turned to Thomas Reynolds, vice president of NYBDC, for a financing solution.
“After several years of funding product development, thecompany found itself in a position where it had a great product
and a way to sell it, but lacked sufficient working capital to go out and market it,” said Reynolds. “NYBDC used the SBA
7(a) program and brought in Adirondack Economic DevelopmentCorporation to provide additional funding for working
capital to help Mercer’s restructure its debt so that it could free up the necessary working capital to market its products.”
Mercer’s has grown to offer a wide variety of dairy products including milk; hard, soft and organic ice creams; fat-free,
no-sugar-added ice cream; frozen yogurt and sherbet that are now sold to retail and food service markets outside of New
York State. Distributorships have been established on the East Coast as far south as Florida and out west to California.
Because of this growth, thecompany has expanded its full-time production workforce from 15 to 23, not including
expanded seasonal employment.
Offered in six flavors – Ala Port, Cherry Merlot, Chocolate Cabernet, Peach White Zinfandel, Red Raspberry
Chardonnay, Royal White Riesling – Mercer’s Wine Ice Cream was awarded the 2007 Winner of Best New Product at The
Great American Dessert Expo and the 2008 American Masters of Taste Gold Medal Endorsement from California Wine
Country. Mercer’s will soon be introducing a special limited-edition seasonal flavor – Holiday Spiced Wine Ice Cream
featuring a sweet red wine steeped with herbs and spices from Brotherhood Winery in Washingtonville, N.Y.
Statewide ZoneCapitalCorporation (SZCC) • StatewideZoneCapitalCorporation of NewYork (SZCC), is a
privately owned loan fund committed to supporting the growth of jobs and economic opportunity in New York’s Empire Zones
by providing capital for new and existing businesses. This program provides flexible, creative and low cost financing for
businesses located in Empire Zones. This capital access program is available for working capital, acquisition and/or
improvement of real property and equipment.
A one-of-a-kind product reinvigorates a traditional
industry, changes laws and introduces a close-knit
community to the world
Quality Dairy
Farms Inc. dba
Mercer’s Dairy
Boonville, New York
[...]... Financial Corporation Ithaca, NewYork Retired Director Charter One Financial Corporation Albany, NewYork Retired Chairman State Bank of Long Island Jericho, NewYork Retired President NewYorkBusinessDevelopmentCorporation Albany, NewYorkCapital Region President NBT Bank Albany, NewYork President & CEO NewYorkBusinessDevelopmentCorporation Albany, NewYork Lenders of the Year Each of these... Trust Company Elmira, NewYork Deputy Director Albany Local DevelopmentCorporation Albany, NewYork Senior Vice President Alliance Bank Cortland, NewYork Certified Public Accountant Albany, NewYork President TheDevelopmentCorporation Plattsburgh, NewYork President & CEO NewYorkBusinessDevelopmentCorporation Albany, NewYork Executive Director Town of Islip Economic Development Islip, New York. .. Chase Bank Albany, NewYork President Celtic Tours Albany, NewYork Regional President TD Bank Latham, NewYork Senior Vice President HSBC Bank USA New York, New YorkState Director Capital Region President Deputy Director & CFO New YorkState Small Business NBT Bank Town of Hempstead Development Center Albany, NewYork Industrial Development Agency Albany, NewYork Hempstead, NewYork Chairman’s Leadership... assist business concerns through financings under the U.S Small Business Administration's Certified DevelopmentCompany (Sections 503 and 504) Program NYBDC is also associated with StatewideZoneCapitalCorporation of NewYork (Statewide) , a privately-owned loan and investment fund, organized in 1999, whose capital is available to promote the expansion and growth of businesses in NewYork s Empire Zones... Financial Statements NOTE 1 — ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Organization: In 1955, by a special act, the New YorkState Legislature created NewYorkBusinessDevelopmentCorporation (NYBDC) In 1981, EmpireState Certified DevelopmentCorporation (ESCDC), an affiliate of NYBDC through common management, was organized, pursuant to Section 402 of the Not-for-Profit Laws of theState of New York, ... Islands) TheNewYork Bankers Association is proud to be an active partner with theNewYorkBusinessDevelopmentCorporation in support of its critical role meeting the credit needs of theState s small businesses Most recently, we have joined with the NYBDC and its innovative ‘Second Look – Credit for Success Program The program, as it continues to ’ roll out across New York State, provides small business. .. NewYorkEmpireZone Amsterdam, NewYork “NYBDC is a critical partner in providing access to capital for NewYork s small businesses Since the beginning of the fiscal crisis, NYBDC has been a consistent resource in meeting the financial needs of creditworthy small businesses We applaud NYBDC and its stakeholders for sustained excellence as a small business lender ” James L King State Director New York. .. Department of Economic Development and Planning Owego, NewYork Senior Vice President Bank of America Merrill Lynch Albany, NewYork Retired Economic Development Executive Schenectady, NewYork President Glens Falls Region NBT Bank Glens Falls, NewYork Robert J Camoin Michael Claisse Principal Vice President Camoin Associates Bank of NewYork Mellon Saratoga Springs, New YorkNew York, NewYork James E Corey,... YorkBusinessDevelopmentCorporation We have audited the accompanying combined statements of financial condition of NewYorkBusinessDevelopmentCorporation and affiliate as of September 30, 2010 and 2009, and the related combined statements of operations, changes in equity, and cash flows for the years then ended These financial statements are the responsibility of theCorporation' s management Our... M&T Bank Albany, NewYork President Schwartz, Heslin Group Latham, NewYork Executive Vice President The Adirondack Trust Company Saratoga Springs, NewYork Chairman Dunkirk-Sheridan EmpireZone Sheridan, NewYork Vice President Community Engagement and Economic Development Syracuse University Syracuse, NewYork Richard W Merzbacher Frederick H Quist Retired Director Zone Coordinator State Bank of Long . New York Business Development Corporation Empire State CDC: The 504 Company Statewide Zone Capital Corporation Lending Partners Across the State Access to capital for creditworthy businesses www.nybdc.com. & CEO New York Business Development Corporation Albany, New York Lenders of the Year Community Partner of the Year NYBDC Lender of the Year Greg Emminger Empire State CDC: The 504 Company Lender. expectations” for the new business he owns, with plans for upgrades in the restaurant and expansions to the fuel dock and the sport fishing marina. Empire State CDC: The 504 Company • The 504 Company is