Solvay Bank partners with New York State agencies and programs as part of our continuous effort to make lending possible to all Central New York businesses. These special programs are designed to help our local businesses, local economy, and way of life. Together, we all can succeed.
New York Business Development Corporation
The New York Business Development Corporation (NYBDC) works in conjunction with lending partners, including Solvay Bank, to provide loans to small businesses in New York State. Oftentimes these small businesses are not able to meet the requirements for traditional financing. The NYBDC works to be more creative in their underwriting, including multiple participations, SBA guarantees, flexible amortization, and long-term payouts.
New York State Linked Deposit Program
The Linked Deposit Program (LDP) is an economic development initiative created to encourage and assist small businesses within New York. The program allows these businesses to make investments and undertake eligible projects that will contribute to improving their productivity, performance, and competitiveness. This is done by reducing the cost of capital through interest subsidies. By participating in LDP, eligible businesses can obtain commercial loans with an interest rate that can be as much as 2 or 3 percentage points lower than the prevailing rate on such loans.
NYSERDA Energy $martSM Loan Fund
The New York State Energy Research and Development Authority (NYSERDA) created the Energy $mart Loan Fund to encourage energy efficiency improvements. The program provides an interest rate reduction on terms up to 10 years to finance certain eligible energy efficiency improvements and/or renewable technologies. The interest rate reduction for eligible borrowers is up to 4.0% or 400 basis points.
Solvay Bank conducts a credit analysis for the loan in accordance with its normal standards and practices. NYSERDA does not participate in the credit-making decision. Eligible improvements may be financed by loans obtained on a secured or unsecured basis.