Greater Syracuse Business Development Corporation Named 2024 Lender Partner of the Year

In celebration of the US Small Business Administration’s National Small Business Week, the Onondaga | Watertown Small Business Development Center has selected the Greater Syracuse Business Development Corporation (GSBDC) as the 2024 Lender Partner of the Year. ​

Banking institutions across the Central New York region remain a critically important part of the small business financial ecosystem.  Among the many roles these institutions play are depositories for checking and savings accounts, merchant services, credit cards, financial planning and business loans. Commercial lending has changed substantively in recent years, giving rise to Community Development Corporations, like GSBDC.   

Here in the Central New York area, GSBDC has been active in lending and support for communities since 1964.  Executive Director Bob Ellis and Client Manager Danielle Quintus have been valued partners in working with the Small Business Development Center team on a variety of projects happening throughout the region and the state.  They serve as valuable counselors in evaluating business ideas and proposals and helping to better position these projects for success.   

Since 1964, the Greater Syracuse Business Development Corporation (GSBDC), a Certified Development Company, has provided non-conventional loans to for-profit small businesses throughout New York State. The mission of creating jobs and wealth within our region differs from that of traditional lending sources, such as banks.  As a result, they can offer long-term loans with fixed interest rates and low down payments. 

GSBDC loans enable new businesses to establish themselves, existing businesses to expand and prosper in our region, and businesses from outside our region to relocate here. Loans come from a range of programs, including the Small Business Administration (SBA) 504 loan program. They provide financing for fixed asset projects and working capital, and have helped fund projects ranging in size from $30,000 to over $14 million. The majority of the clients are manufacturers, but the client list includes software developers, professional services, hospitality, and retail firms.  
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About CDCs 
Community Development Corporations (CDCs) emerged in response to the economic and social challenges faced by underserved communities, particularly in urban areas, in the mid-20th century. Initially, CDCs were grassroots organizations focused on revitalizing neighborhoods through affordable housing, small business development, and community empowerment. However, as banks recognized the potential for collaboration with these organizations to meet Community Reinvestment Act (CRA) requirements and address community needs profitably, they began providing financial support and forming partnerships with CDCs. This led to the evolution of CDCs as key players in community development finance, leveraging public and private resources to create affordable housing, promote economic development, and improve the quality of life in low-income neighborhoods. Today, CDCs play a vital role in fostering economic opportunity and social equity, with banks continuing to be important stakeholders in their funding and operations. ​