The Adirondack Trust Co. announced that 2016 has been a record-breaking year for its lending through the U.S. Small Business Administration.<\/p>\n
Bank officials said that for the year ending Sept. 30, Adirondack Trust Co. approved 56 SBA 7(a) loans, amounting to more than $4.4 million.<\/p>\n
In 2015, the bank approved a then-record of 38 SBA 7(a) loans, amounting to $3.2 million, making 2016’s year-over-year approvals an increase of 47 percent in volume and 38 percent in dollars.<\/p>\n
“With this company record, we are showing our community that we are committed to its growth and the small businesses that make this area strong,” said Stephan von Schenk, company president. “Since our founding in 1901, this has been the center of our work: Every day, we work closely with locally owned and operated businesses, and we are proud to be able to help them grow by making SBA and other financing programs available. We are only as strong as our community, and the core of our mission is to continually serve that community.”<\/p>\n
In addition to helping business owners achieve financial goals, the company’s SBA lending program assisted in creating 89 new jobs across 24 businesses in the region, officials said. 87 North Enterprises LLC (DBA as Kru Coffee) was one of those businesses, using SBA funding to help start their flagship coffee shop off Route 9 in Saratoga Springs and hire four employees.
\n“Adirondack Trust helped us to secure 30 percent of the financing for our startup of Kru Coffee,” said Kyle Brock, owner of the shop and coffee wholesaler. “Working with Adirondack Trust felt like working with a business partner, rather than just a banker trying to close on a loan. The process was very clear and straightforward, which helped in not distracting us from the thousands of other details required to make this venture a reality.”<\/p>\n
Cartwheels Gymnastics Center in Clifton Park was also a recipient of SBA funding this past year, using funds to help expand the veteran-owned business.<\/p>\n
“The Adirondack Trust Company is one of the biggest reasons we’re in business today,” said Cartwheels Owner Jason Dammer. “The then-SBA Patriot Express program was especially helpful in expanding our business–without the loans, our business would have plateaued and even stagnated while waiting to save enough funds for the growth.”<\/p>\n
In 2014, another milestone year, Adirondack Trust transitioned from an active SBA Small Community Bank Lender in the Capital Region, to a Large Community Bank Lender, which includes banks with $1-$10 billion in assets.<\/p>\n
The SBA Capital region covers Albany, Clinton, Columbia, Essex, Greene, Rensselaer, Saratoga, Schenectady, Schoharie, Warren and Washington counties.<\/p>\n
The company is an independent, locally owned and operated community bank offering a wide variety of business and personal financial services. The bank has more than $1 billion in assets and 12 branch offices. It offers banking, trust, insurance, and investment management services and originates real estate mortgages, both residential and commercial, and commercial business loans throughout its primary market area.<\/p>\n
The bank’s website is AdirondackTrust.com<\/p>\n","protected":false},"excerpt":{"rendered":"
The Adirondack Trust Co. announced that 2016 has been a record-breaking year for its lending through the U.S. Small Business Administration. Bank officials said that for the year ending Sept. 30, Adirondack Trust Co. approved 56 SBA 7(a) loans,…<\/p>\n","protected":false},"author":89,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"\r\n