Contact Us
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.
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Email:
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Fax:
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Mail:
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(518) 463-0240
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Empire State CDC:
The 504 Company
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Attn: Servicing Dept.
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P.O. Box 738
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Albany, NY 12201
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- 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
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:
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:
Certificates of insurance should be listed according to your specific loan(s):
For SBA/504 loans which also include Long Island Development Corp:
EMPIRE STATE CERTIFIED DEVELOPMENT CORP AND U.S. SMALL BUSINESS ADMINISTRATION
50 Beaver Street
Albany, NY 12207
For NYBDC loans:
NEW YORK BUSINESS DEVELOPMENT CORP
50 Beaver Street
Albany, NY 12207
For WTCSBRF:
WORLD TRADE CENTER SMALL BUSINESS RECOVERY FUND AND NEW YORK BUSINESS DEVELOPMENT CORP
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?
- Commitment Letter
- Payoff letter
- Updated Appraisal (if bank requires it)
- Commitment Letter
- Payoff Letter
- Contractor Estimates or Paid Invoices
- Updated Appraisal (if bank requires it)
- Provide a brief description of why ownership is changing
- Transfer document (along with any notes involved)
- 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
- Provide a brief description as to why there is a dissolution of the entity
- Submit dissolution document filed with state
- Provide a brief description as to when this will occur and why a mortgage is being assigned
- Exact name and address of bank
- 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
- Provide a brief description of what the state is doing with the property
- Copy of Purchase Agreement