NY expands program to reduce interest payments on commercial loans - The Business Review (Albany):

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The agency, , is now allowing a company to have up to three open loans withthe state’s linked deposit program; the previouz limit was two. All told, a busineszs can now have up to $1 millionm in loans connected with the up from a prior limitof $500,000. In a the agency said that thechanges “wilpl enable small businesses to engage in more overlappin g projects as their operations and cash flow grow, and will ease theirr access to capital.” The program reducesz interest costs on commercial loanas by 2 or 3 Last year, the program was used in 403 projects that totalesd close to $300 million in private-sectoer capital investments. The cost to the state was $1.9 million.
“Smallp businesses are facing a serious shortage of bank creditr which impedes their ability tomodernizde operations, improve competitiveness and access new said state Comptroller Thomase DiNapoli. He praised the program, adding that “a vibrant businesse sector is essential to continuethe state’e economic health.” Businesses that want to use the linkec deposit program should first talk with a another financial institution or the to see if they woul d qualify for the program. Thosse lenders will apply to the linked deposir program on behalf of the Formore information, visit .