FARMINGDALE, N.Y.--(BUSINESS WIRE)--May 13, 2005--In recognition for its role assisting New York small businesses with financing intended to promote economic development, GE Commercial Finance, Business Property received the Empire State Gold Award for 2004 from Empire State Certified Development Corporation (ESCDC). ESCDC is the eighth-largest CDC in the United States and an affiliate of the New York Business Development Corporation (NYCDC).
ESCDC presents the award annually to the lender who participates with them on the most SBA 504 loans; commercial real estate loans intended to help small businesses.
"Lending partners are critically important in reaching businesses that are unable to obtain financing through traditional lending practices," says Robert W. Lazar, president and CEO, NYCDC. "We are very proud of the people at Business Property and their participation in helping businesses throughout New York State take advantage of the SBA 504 program."
The 504 loan program allows private sector lenders such as Business Property to cover up to 50 percent of the financing, while an additional loan from the CDC finances 40 percent, leaving only 10 percent in equity required from the small business. Such loan structures encourage economic development because small businesses retain capital to invest in jobs and additional growth rather than having a large proportion of company finances tied up in real estate.
"We had great success this year generating awareness of the benefits 504 loans offer New York small businesses, and we plan to continue striving to offer the best possible financing solutions," says Joe Vanella, vice president, northeast region manager, Business Property. "We look forward to collaborating with ESCDC on future endeavors."
GE Commercial Finance, Business Property is a leading provider of single tenant/owner-occupied commercial real estate financing in the United States. With assets of more than $13B, the business serves commercial real estate owners, investors, developers, and brokers. Business Property offers conventional debt and SBA loans, as well as flexible, structured products tailored to meet the capital needs of small to middle market businesses in diverse industries. More information is available at www.gebusinessproperty.com or by calling toll-free 888-335-4372.
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of more than US$230B and is headquartered in Stamford, Conn., USA.
GE (NYSE:GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Contacts
Tag Team Global, Chicago
Gini Dietrich, 312-787-7249
[email protected]
or
GE Commercial Finance, Business Property
Nancy Nyikes, 314-205-3540
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340