“The announcement today of the new loan pool will expand BERC’s ability to provide vitally important capital to small- and medium-sized businesses,” said Mayor Brown. “This loan pool enhances the ability of businesses to gain access to much needed capital at low rates. It further solidifies our commitment to help grow and create new businesses in Buffalo, as well as create new public/private partnerships that will benefit city-based businesses, create jobs and grow our economy.”
Partnering with the BERC in this effort is Citizens Bank, M & T Bank, Key Bank, Greater Buffalo Savings Bank and HSBC Bank. The BERC added to this effort by funding the loan loss reserve account and utilizing its CDFI to attract another $1.7 million in capital.
“Many businesses have taken advantage of the BERC’s loan programs in the past, the BERC Board of Directors, members and staff remains committed to identifying resources and creative mechanisms to increase available capital to businesses in the City of Buffalo,” said Timothy E. Wanamaker, President of the BERC. “I am also very pleased to have Citizens Bank, M & T Bank, Key Bank, Greater Buffalo Savings Bank and HSBC Bank join BERC in expanding access to capital to small businesses in the City. These banks are once again proving their commitment to growing businesses in Buffalo.”
Any businesses interested in taking advantage of the new program should call (716) 851-5035.
