Business Financing
The Greater Syracuse Business Development Corporation (GSBDC), the Chamber’s financing affiliate, provides financing assistance to the area’s small businesses. The GSBDC’s principal focus is non-conventional financing - long-term loans with fixed interest rates and low down payments - which the GSBDC can offer because its mission differs from those of traditional lending sources. Loans made through GSBDC support fixed asset projects and provide working capital, and have funded projects ranging in size from $25,000 to over $10 million. Loans are available to profit-making firms, regardless of Chamber membership, and support businesses ranging from start-ups with little or no revenue to well-established firms with revenues in excess of $20 million.
While the majority of companies the GSBDC works with are manufacturers, the businesses that the GSBDC provides for come from a wide range of industries, including software developers, professional services, hospitality, and retail. The loans themselves are made available through a number of different programs, including:
- Small Business Administration (SBA) 504
- GSBDC Revolving Loan Fund
- Central New York (CNY) “Quasi Equity” Fund
- Connective Corridor Hospitality Enterprise Fund
- CNY Enterprise Development Funds (provided via the Central New York Regional Planning & Development Board)
- New York Job Development Authority (NY JDA)
The GSBDC also provides consultative service, helping businesses leverage conventional financing through traditional lending sources, and working in close collaboration with the area’s banking, accounting, legal, and business development professionals, to ensure the Chamber’s goal of promoting and maintaining the economic health of the region.
Additional Roles Of the Greater Syracuse Chamber of Commerce