Solvay Bank News

Getting your small business off the ground is no easy task. The biggest hurdle for many Central New York entrepreneurs is financing. Solvay Bank is a part of the U.S. Small Business Administration's Preferred Lenders Program so Central New York businesses can take advantage of extended terms and lower down payments.

The best part? We keep the entire process local. Loan decisions are made right here in Central New York by local professionals who understand the nature of our hyper-local economic climate. And, all of Solvay Bank's small business loans are serviced in our Solvay, NY headquarters. You always dial a local number to speak with one of our local loan servicing professionals and get the solutions you need quickly. Find out how Solvay Bank can help your small business by calling (315) 484-2209.

     SBA 7(A) LOANS are used by start-ups and existing small businesses that might not be able to secure loans through standard channels. Terms vary from up to 10 years for working capital and up to 25 years for fixed assets. Monies may be used for purchasing land, buildings, equipment, inventory, fixtures, and leasehold improvements.

      SBA 504 LOANS are also called the Certified Development Company (CDC) Program. They are designed to provide long-term, below market, fixed rate financing for projects such as the construction of new facilities, renovation of old facilities, and the purchase of land, improvement, long-term machinery, and equipment.

      SBAEXPRESS is a loan program that streamlines the processing and procedures for less complex lending. A response is made within 36 hours of the application. The accelerated process is ideal for small businesses with short-term needs or seasonal lines of credit.