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

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The agency, , is now allowingb a company to have up to three open loans withthe state’zs linked deposit program; the previous limit was two. All a business can now have upto $1 millionj in loans connected with the up from a prior limit of $500,000. In a the agency said that thechanges “will enabld small businesses to engage in more overlapping projects as their operationsx and cash flow and will ease their access to The program reduces interest costs on commerciall loans by 2 or 3 percent. Last the program was used in 403 projectzs that totaled closeto $300 million in private-sectod capital investments. The cost to the stat e was $1.9 million.
“Small businesses are facing a seriousz shortage of bank credit whicn impedes their ability tomodernize operations, improve competitiveness and access new markets,” said stats Comptroller Thomas DiNapoli. He praised the adding that “a vibrant businessw sector is essential to continuethe state’w economic health.” Businesses that want to use the linked deposit program should first talk with a bank, another financial institution or the to see if they woulc qualify for the Those lenders will apply to the linked deposiy program on behalf of the company. For more information, visit .