BALCONY Urges Lawmakers to Support Governor Paterson's Proposed $50 Million Small Business Revolving Loan Fund

NEW YORK, NY (06/17/2010)(readMedia)-- BALCONY, the Business and Labor Coalition of New York (www.balconynewyork.com), today (Thursday) announced its endorsement of the inclusion of a $50 million Small Business Revolving Loan Fund in the State budget, as proposed by Governor David Paterson in his 2010-11 Executive Budget.

Small businesses represent the core of the New York State economy. Companies with fewer than 10 employees constitute 80% of all businesses in New York, and companies with fewer than 100 employees account for 98% of all business in New York and 50% of all employment.

For this reason it is critical, especially in this difficult economic environment, to ensure that small businesses continue to grow and create jobs in New York State. The proposed revolving loan fund would provide $50 million to small businesses across the state.

BALCONY is intimately involved in promoting the interests of small businesses in New York State, and has hosted several small business forums in New York City, White Plains, and Rochester in the last year. 'Access to capital' has been the overwhelming response to the question, What is the greatest challenge small businesses face in New York State?

"Providing small businesses with access to capital in New York State is critical to overcoming the harsh economic environment that business owners are currently operating in. Governor David Paterson's proposed $50 million fund would be a tremendous step in the right direction. Not only would the fund encourage growth in the small business sector, but it would also create badly needed jobs for New Yorkers," stated Bruce Ventimiglia, Co-Chair of BALCONY and Chairman and President of Saratoga Capital Management, LLC.

The proposed $50 million fund would provide loans to over 1,000 businesses that are unable to obtain credit despite having a sound business plan or solid track record. The fund would create jobs in the short term and allow lenders to leverage additional federal funds for small business owners in the future.

Mark Jaffe, President of the Greater New York Chamber of Commerce, who has co-sponsored several BALCONY small business forums, expressed his support for the $50 million revolving loan fund saying it would, "provide a critical stimulus to New York State's economy."

BALCONY urges the Legislature, especially members of the New York State Assembly Small Business Committee and the Senate Commerce, Economic Development and Small Business Committee to support the inclusion of the $50 million small business revolving loan fund in the State budget and ensure that small businesses in New York continue to grow and prosper.

BALCONY, the Business and Labor Coalition of New York, represents more than 1,000 New York businesses, labor unions, and trade associations. BALCONY seeks common ground in the public policy debate in New York to spur economic development through the adoption of business/union friendly, socially responsible common sense laws that maintain and improve the quality of life for working New Yorkers.