New York State Assemblyman Fred W. Thiele, Jr. (I, D, WF-Sag Harbor) today announced the availability of $4 million in competitive fixed-rate small business loans for military veterans through the New York Business Development Corp.

The New York State Common Retirement Fund provides funds to the New York Business Development Corp. (NYBDC) to make loans to New York-based small businesses for working capital, equipment or real property. Since 1987, NYBDC has used these funds to make more than 1,000 loans totaling $324 million to small businesses across the state. The loans are also guaranteed by the Small Business Administration.

The veterans Loan Program provides term loans ranging from $50,000-$150,000 at a below market fixed rate for current or former members of the United States’ armed forces. Loans are available for working capital, business acquisition, purchase of real estate, machinery and equipment, etc. Eligible applicants must be New York businesses where the majority owner is a New York State resident who is a member or honorably discharged veteran of the United States Armed Forces

For information about the program and company eligibility, visit:

http://www.nybdc.com/how-can-we-help/PB2a_Loans_for_Veterans_69_7_sb.htm