Banks Join CUs To Grow Small BusinessIncubator

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SCHENECTADY, N.Y. - (11/03/05) -- Two area credit unions have joinedwith a handful of banks to expand a microenterprise loan program.The $50,000 commitments by Sunmark FCU and First New York FCU andthe banks will push the Schenectady County Community BusinessCenter fund to $650,000, with a goal of $1 million by early nextyear. The new funding will also allow the small business incubatorto increase the loans limits to $50,000, from the current $35,000.The fund is run by a board representing each of the participatinglenders, as well as the N.Y. Business Development Corp. and theU.S. Small Business Administration.

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