Greater NY Development Co. (GNYDC), an outgrowth of Long Island Development Corp. (LIDC), has approved financing for the first project in its new expanded statewide territory. For 26 years, LIDC has provided long term, low fixed rate, low down payment second mortgage loans under the SBA 504 loan program to Nassau and Suffolk County small businesses in Long Island. In November, pursuant to a change in SBA regulations, and industry demand, LIDC expanded throughout New York State under the GNYDC logo. Bankers, real estate brokers, economic developers, attorneys, accountants and small businesses throughout NY have expressed excitement about the entry of GNYDC’s into their regions because of the wonderful reputation of LIDC. Since the inception of the program, LIDC has been known as an industry leader and a model for other development companies. In addition to outstanding service and competitive pricing, LIDC/GNYDC brings a unique economic development perspective to the table. It makes sure that every small business borrower gets the

benefit of any incentive or economic development resources available in the community. As GNYDC Chairman Doug Asofsky recently said in an interview, “We’re a not for profit (501C3) economic development group. Our first priority is the small business and the community, so we strive to make sure the entrepreneur will be successful by bringing resources in addition to affordable loans.”       

The the Patel family (two brothers and their sons) of Clifton Park near Saratoga Springs, will receive GNYDC financing go to acquire and renovate a Comfort Inn. The recently renovated motel has 60 rooms with the ability to expand to 100 rooms as the area develops. Located near Interstate 87, the area is a popular stop for tourists on the way to Canada. Every August when hundreds of thousands of racing fans gravitate to Saratoga for the racetrack, the Comfort Inn becomes home to some of racing’s elite. In addition, throughout the year, the facility has a steady clientele of commercial travelers. Some exterior repainting and parking lot repaving will add a fresh look to this fourteen year old Comfort Inn.

       Financing for the project is being provided by Unity Bank with a long term 2.2 million dollar first mortgage. GNYDC is lending 1.32 million in the second mortgage position at a fixed rate for 20 years. GNYDC Lender on the deal, Ken Kowaczyk, comments “This is a great example of a tourism related small business, assisted in transition with an SBA 504 loan by GNYDC. GNYDC was able to provide the quick turnaround needed by the borrower on this deal to make it viable so that they would not miss the upcoming season.”