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Current Borrowers

Change Account for Debit Payment

If you want to change the account that is debited for your monthly payment, you can submit a new ACH (Automated Clearing House) Authorization form and cancelled check to Empire State CDC: The 504 Company. The form must be received prior to the 13th of the month to take effect the following month. We can only deduct the exact payment amount and only on the first of the month. The account cannot be debited on any other day.

Please mail, fax or email the completed ACH form.
(518) 463-0240
Empire State CDC:
The 504 Company
Attn: Servicing Dept.
P.O. Box 738
Albany, NY 12201

Important: Sometimes the automatic payment is rejected. Reasons include insufficient funds, uncollected funds, the account is closed or invalid or a borrower stops the automatic payment on their own. When this occurs, please do the following:
  • Contact The 504 Company immediately by emailing Cheryl Antalek or calling (800) 923-2504
  • Confirm that the loan remains on automatic debit (ACH). If it is not, submit a new ACH form prior to the 13th of the month for enrollment in the next month’s auto-debit.
  • If you have fraud filter on your account, please tell your bank to add Wells Fargo Bank, N.A.– WFSBA504LN

Check My Balance

For Commercial Real Estate Loans (SBA 504 Loans)

You can view your loan balance at any time per your amortization schedule which was provided to you in your Welcome Package when your loan was funded. Your amortization schedule is a breakdown of your monthly loan payment for the life of your loan. This is provided to you in lieu of monthly statements.

If you need further assistance with your loan balance or need a new copy of your amortization schedule please send your request to:

Make sure you include your name, business name, loan number and phone number.

For All Other Loans

E-mail your request to:

For additional questions please call (800) 923-2504


Pay Off My Loan

Prepayments on SBA-504 loans are made on a monthly basis on the 3rd Thursday of every month. If you wish to pay your outstanding loan balance, you need to contact Empire State CDC: The 504 Company in writing outlining your request. The 504 Company must receive your written notice no later than the 25th day of the month prior to your prepayment date. For example, if your loan is to be prepaid in April, The 504 Company must have your written notice by March 25th. Please provide the following information in your written notice to Empire State CDC: The 504 Company: 

  • Month and date the loan is to be paid off (a 3rd Thursday)
  • SBA loan number(s) and property address
  • Your contact information, including phone number, email address and/or fax number 

Date and sign the letter and send to: 

Jeremy Fish
Email Jeremy
Fax: (518) 463-0240


Loan Interest Paid

If you need to request a copy of your 1098 Interest Paid Statement or if you have any questions please complete the 'Request Your 1098 Form' here to request the statement and will promptly send you a copy. Please note that we do not receive the information prior to January 31st. You will not receive a 1098 interest statement automatically unless the loan is tied to your individual social security number. We will get back to you within 24 hours.

Submit Annual Financials

The 504 Company requests current financial information such as tax returns on an annual basis. A letter will go out on April 15th with the specific items we need. You can send the requested financials to the below:

Fax: (518) 463-0240
Mail: Empire State CDC: The 504 Company
Attn: Servicing Dept.
P.O. Box 738
Albany, NY 12201




Submission of Insurance

To adhere to loan requirements, it is required that you have insurance coverage. This varies from loan to loan and can consist of life, flood, home, building, property, contents, liability, and workers comp. We will periodically contact you to request certificates of insurance.

You can assist us with this by having your agent submit any changes, renewals, and reinstatements via the following methods:

Fax : (518) 463-0240; Attn: Diane Swota
Mail: Empire State CDC: The 504 Company
P.O. Box 738,
Albany, NY 12201-0738

Certificates of insurance should be listed according to your specific loan(s):

For SBA/504 loans which also include Long Island Development Corp:
50 Beaver Street
Albany, NY 12207

For NYBDC loans:
50 Beaver Street
Albany, NY 12207

50 Beaver Street
Albany, NY 12207

We are generally listed on your policies as assignee, mortgagee, lender loss payee, loss payee, and additional insured according to your specific loan requirements.

For easier processing, please reference your loan number with all documentation. For any additional inquiries, please call (800) 923-2504.


Need a Modification?

All modifications require updated information which includes: financials, interims, payments, taxes, and insurances. Please note that all modifications are subject to a legal/servicing fee and additional information may be required; however, the below outlines the core materials needed for the modification.
For more information regarding modifications, please contact Justin Nadeau.
Subordination (with no new money)
  • Commitment Letter
  • Payoff letter
  • Updated Appraisal (if bank requires it)
Subordination (with new money) 
  • Commitment Letter
  • Payoff Letter
  • Contractor Estimates or Paid Invoices
  • Updated Appraisal (if bank requires it)
Ownership Change 
  • Provide a brief description of why ownership is changing
  • Transfer document (along with any notes involved)
Release/Substitution/Sale of Collateral (including personal and corporate guarantees) 
  • Provide a brief description as to why there is a release/substitution/ collateral
  • Identify the collateral that will replace the existing collateral that is being requested for release, substitution, or sale
  • Please note, all net proceeds are subject for loan repayment
Dissolution of Entity 
  • Provide a brief description as to why there is a dissolution of the entity
  • Submit dissolution document filed with state
Assignment of Mortgage 
  • Provide a brief description as to when this will occur and why a mortgage is being assigned
  • Exact name and address of bank
Selling OC and Leasing Building 
  • Provide a brief description as to why there is the sale of a building
  • Copy of lease
  • Please note, this is a default to the Loan Agreement
Eminent Domain (State buys part of property) 
  • Provide a brief description of what the state is doing with the property
  • Copy of Purchase Agreement




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