Assemblyman Angelo Santabarbara, member of the New York State Assembly Veterans Affairs Committee, announced that legislation he co-sponsored and helped pass earlier this year to allow service-disabled veteran business owners to apply for the Excelsior Linked Deposit Program (LDP) was signed into law by Gov. Hochul today. An Empire State Development (ESD) initiative, the program provides reduced-rate financing to help veteran entrepreneurs grow and expand their businesses.

“On Veterans Day, we honor the countless men and women who served our great nation and put their lives on the line for the values we all hold dear,” said Assemblyman Santabarbara who served in the US Army Reserve. “I’m working each and every day to ensure local veterans have the resources and support they need and deserve when they return home. This new legislation provides an important financial lifeline for veteran business owners with disabilities and will help further support them.”

The new legislation adds certified service-disabled, veteran-owned businesses to the list of businesses eligible for the Linked Deposit Program. The program helps existing businesses secure loans with reduced interest rates from commercial banks, savings and loan institutions, farm credit institutions and the New York Business Development Corporation. When a business is approved for an LDP loan, the state also makes a deposit with the chosen bank and passes on interest rate savings to the borrower. To learn more about the Linked Deposit Program and see if your business is eligible, visit www.esd.ny.gov/linked-deposit-program.