BDA Program Cap Now $5 Million!
Due to the overwhelming member response to our our 0% Interest Rate Business Development Advance (BDA), an additional $1 million in subsidized funding was added on September 13, 2022, to the total program cap to assist our members in providing loans at advantageous rates to qualifying small businesses to promote community and economic growth.
The 0% Interest Rate
Business Development Advance
Adam Goldstein, SVP, Chief Business Officer
Tom Settino, VP, Director of Member Relations
Celena Núñez, VP, Director, Community Investment Operations
Jennifer Alberto, Program Administration Manager
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View this highly informative session and learn about how your institution can benefit from the 0% Interest Rate Business Development Advance (BDA). The BDA is subsidized funding provided through interest credits to help our members provide loans at advantageous rates to qualifying small businesses* to promote community & economic growth. Another round of subsidized funding will be available starting on September 6, 2022.
In this session, FHLBNY Management will provide an overview of the BDA, discuss the mechanics of the advance, review the program’s funding amounts and guidelines, and explain how to access and utilize the online Community Lending Programs System.
Benefits of the BDA:
- Supports communities by helping local businesses with their funding needs at competitive interest rates
- Provides members with a competitive advantage when bidding for small business loans
- Affords business opportunities for members when marketing to new customers and creates value for existing customers
- Offers a reasonable spread for members’ small business lending activities
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The content provided in these disclosures is presented as a courtesy to be used only for informational purposes and is not represented to be error free. The FHLBNY makes no representations or warranties of any kind with respect to the content contained herein, such representations and warranties being expressly disclaimed. The FHLBNY is not a financial or investment advisor.
Moreover, the FHLBNY does not represent or warrant that the content of these disclosures is accurate, complete or current for any specific or particular purpose or application. It is not intended to provide nor should anyone consider that it provides legal, accounting, tax or other advice. Such advice should only be rendered in reference to the particular facts and circumstances appropriate to each situation. The FHLBNY encourages you to contact appropriate professional(s) and consultant(s) to assess your specific needs and circumstances and to render such advice accordingly. In addition, the FHLBNY is not endorsing or recommending the use of the means or methods contained in or through these disclosures for any special or particular purpose.
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