The 504 Company Named Top SBA Community Advantage Lender in Nation
ALBANY, N.Y. - U.S. Small Business Administration (SBA) Syracuse District Director Bernard J. Paprocki presented the FY 2014 Community Advantage Lender Award to Patrick MacKrell, president and chief executive officer of Empire State CDC: The 504 Company, on Wednesday, January 14. The 504 Company topped all other Community Advantage lenders in the nation by approving 67 loans to startup and existing small businesses worth over $8.6 million dollars.
Community Advantage (CA)
is a pilot loan program introduced by the SBA to meet the credit, management, and technical assistance needs of small businesses in underserved markets. CA is designed to provide mission-oriented lenders, primarily nonprofit financial intermediaries focused on economic development, access to 7(a) loan guaranties for loans of $250,000 or less.
In July 2011 Empire State CDC: The 504 Company was in the first nationwide group of lenders to be approved for participation in the SBA's Community Advantage Program. As a licensed Certified Development Corporation by the SBA, Empire State CDC: The 504 Company is one of the types of lenders eligible to serve as a Community Advantage lender.
Pictured above Left to Right: Steve Willard, senior vice president, Patrick MacKrell, president & CEO, Bernard J. Paprocki, Syracuse district director, and Valerie Shoudy, Syracuse lender relations specialist.