The New York State Comptroller and New York Business Development Corporation have designated $5 million in below market fixed-rate small business loans to the 2007 Veteran’s Loan Program for returning military veterans.
For the past 20 years, the business development corporation has used funds from the New York State Common Retirement Fund to provide $200 million in loans to more than 700 of New York’s small businesses, which in turn have employed more than 16,000 New Yorkers.
As part of this annual commitment, the $5 million will provided loans of up to $150,000 for New York business owners who serve in the National Guard, United States Army Reserve, or honorably discharged former active duty members. The business development corporation has agreed to cap both the interest rate—which is set at the United States Treasury plus 1.50 percent—and waive its servicing fee for this program.
The loan program is similar to measures that Assemblyman Fred W. Thiele Jr. has fought to enact. Recently, the Assemblyman renewed his request that the State Legislature address the Assembly Republican “Patriot Plan IV.”
For more information on the program, call the New York Business Development Corporation at 1-800-923-2504.