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NY allocates $100M for small-biz loans

Business First of Buffalo

Friday, September 24, 2010

The New York state pension fund allocated $100 million on Thursday for the purpose of giving loans to small businesses.

State Comptroller Thomas DiNapoli, sole trustee of the $124.8 billion pension fund, said the money will go to the New York Business Development Corp., based in Albany.

The NYBDC is a consortium of banks that aim to provide loans to small businesses that cannot get traditional financing, often partnering with the SBA. The loans are for working capital, equipment or other property needs.

“Small businesses are smart investments that provide solid returns for the pension fund,” DiNapoli said.

DiNapoli said the rate of return to the pension fund is based on comparable U.S. Treasury investments. NYBDC’s 10-year rate of return is 6.5 percent.

For more information, go to www.osc.state.ny.us.