Tioga State Bank made a commitment to support a family-owned business and the job market for a local community by making use of the FHLBNY’s Urban Development Advance (UDA). Located in Binghamton, NY, Bates, Troy, Inc. provides healthcare linen, dry cleaning, and fire and water clothing restoration services for healthcare facilities. Provided with a $3,000,000 UDA commitment, Tioga State Bank was able to assist in the expansion of this community business and retain/create job opportunities for the community of Binghamton.
UDA funds support economic and community development projects located in local government entities with a population greater than 25,000 that benefit households with incomes at or below 100% of the area median income. Long-term funding is available with any CLP advance, allowing you to match-fund the terms and structure of your end loan, locking in a known spread for the life of the loan to mitigate interest rate risk. UDA funds may be used for the financing of commercial, small business, manufacturing, social service, and public facility projects and activities, as well as the construction and rehabilitation of public or private infrastructure, including roads, utilities, and sewers. For more information about the UDA program or to see if the project you have in mind qualifies, contact us at (212) 441-6850.
