History

The Greater Syracuse Business Development Corporation (GSBDC), founded in 1964, is the premier economic development financing organization in Central New York. It is a private, not-for-profit corporation managed by the Greater Syracuse Chamber of Commerce. Its primary purpose is to assist businesses in Central New York with their expansion and financing needs. It is a "one stop shop" for businesses seeking non-conventional sources of financing.

GSBDC offers a variety of funding programs targeted to business start-ups, expanding local businesses, business retention and business attraction projects. Although many of its programs target fixed-asset related projects such as realty acquisition or construction and machinery purchases, working capital funding is also available. Many of its programs offer below-market interest rates, fixed interest rates and low down payments.

GSBDC's primary loan programs include the U.S. Small Business Administration's 504 loan program, the NY Job Development Authority's direct loan program and three local Revolving Loan Funds. SBA has approved GSBDC as an Accredited Lender in the SBA 504 Loan Program.

GSBDC is also approved by the SBA as a local intermediary on the SBA's "Pre-Qualification Loan Program". GSBDC has agreed to assist prospective and existing borrowers in developing a viable loan application package. Eligible businesses must be at least 51 percent owned, operated and managed by women, minorities, or veterans.

Over the past several years, GSBDC has funded over 200 companies with loans totaling almost $100,000,000. Loans range from $25,000 to $14,000,000. Altogether, these projects have created or retained almost 10,000 jobs in Central New York.

Local businesses which have received financing assistance over the years include L.&J.G. Stickley, Inc., Paper Conversions, Inc., Clinton's Ditch Cooperative Co., Inc., Atlas Linen, SSAC, Inc., Schneider Packaging Equipment Corp., JGB Enterprises, Inc., K.J. Electric, Advanced D.C. Motors, Tessy Plastics, Ventre Packing Co., Inc., Oberdorfer Industries, V.I.P. Structures, Inc., Nixon Gear, Inc., and New Process Gear.

Lance K. McKee, Partner with Dannible & McKee, CPAs serves as President of GSBDC and Peggy A. Adams serves as Executive Director. GSBDC can be reached at 315-470-1880.