Brooklyn's Progress
March 2003

By the U.S. Small Business Administration

The U.S. Small Business Administration’s New York District Office honored lenders on January 29, 2003 that approved the most SBA loans to New York small business owners during Fiscal Year 2002, which is the period from October 1, 2001 through September 30, 2002.  Fleet Bank received five total awards, the most awards given to any lender at the annual lender awards ceremony, for its outstanding SBA lending performance in the downstate New York area.  The ceremony took place at 26 Federal Plaza in lower Manhattan.

For its efforts, Fleet received the Pinnacle Award as the top SBA guaranteed lender by approving 905 SBA loans for $57.5 million.  Fleet also received a Gold Award for approving at least 100 SBA loans, and separate minority, women and veterans Pacesetter Awards for being the leading lender in those categories.  Fleet made 332 loans for over $19 million collectively to African-American, Asian and Hispanic-owned businesses, which comprise SBA’s Emerging Markets.  Moreover, Fleet approved 182 loans for $12.8 million to women business owners and 51 loans for $2.3 million to veteran-owned businesses.

SBA acting New York District Director Herb Austin said, “Without the support of all of our lenders, the SBA’s New York District Office could not have achieved record levels of lending in 2002- 2,091 loans for $410 million.”  “Much of the credit for our success in small business lending belongs to Fleet Bank and the 13 other lenders that we honor,” said Austin.  “These lenders are vital to SBA’s loan programs and to the growth of the New York small business economy.”

Empire State Certified Development Corporation also received a Pinnacle Award for making the most 504 Program loans in FY 2002.  Empire made 68 504 loans for $37 million.  The 504 Program helps businesses to finance fixed asset projects affordably.  Empire also received a Silver Award for approving at least 50 SBA loans.

In addition to Fleet Bank, JP Morgan Chase Bank and Banco Popular, North America received Gold Awards.  In FY 2002, Chase approved 192 loans for $16.4 million.  Banco Popular approved 109 loans for $35.2 million.

Besides Empire, other Silver Award winners were HSBC Bank USA, Long Island Development Corporation, Citibank, N.A. and CIT Small Business Lending Corporation.  HSBC approved 84 loans for $9.9 million; Long Island Development Corporation made 62 loans for $28.2 million; Citibank approved 61 loans for $6.3 million; and CIT Small Business Lending Corporation made 56 loans for $33.3 million.

Six lenders received Bronze Awards for making at least 25 loans during the year.  Broadway National Bank approved 49 loans for $12.7 million; Commerce Bank NA made 42 loans for $16.1 million; Flushing Savings Bank FSB approved 33 loans for $9.6 million; Community Capital Bank made 32 loans for $17.3 million; Business Loan Center, Inc. approved 28 loans for $17.1 million; and Home Loan & Investment Bank made 28 loans for $13.2 million.  Commerce Bank also received the office’s inaugural Exporters Award for demonstrating the most commitment to financing export-oriented projects.
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The SBA helps small businesses each year with access to capital and credit through its financial assistance programs, as well as providing technical training and business start-up and expansion counseling, disaster loans for businesses and home owners, and federal contracting and procurement assistance.  For further information, please call Miguel Centeno at 212-264-1468, or visit our award-winning web-site at http://www.sba.gov/.
The SBA New York District Office covers the counties of Queens, New York, Bronx, Kings, Westchester, Nassau, Suffolk, Richmond, Rockland, Ulster, Orange, Sullivan, Dutchess and Putnam.

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