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Qualified applicants can be approved in as little as 48 hours.
Gov. Kathy Hochul signed the legislation to allow credit unions in New York state to participate in its Excelsior Linked Deposit Program, which lets qualifying businesses take on commercial loans at an interest rate of 2 to 3% lower than the prevailing rate.
“We believe this program provides the quick, short-term financial assistance (small businesses and nonprofits) need to maintain operations and weather this storm," said Department of Economic and Community Development Commissioner David Lehman.
“The availability of SBA loans is another key piece of a broader set of relief measures the Lamont administration continues to put into place for individuals and our business community,” DECD Commissioner David Lehman said.
New York Bankers Association President Michael Smith talks about the trouble with Washington lawmakers who can’t find common ground over economic issues, and why the changes that have been made give many in the industry reason to be cautiously optimistic.