LATHAM, N.Y. - The New York State Assembly passed a bill that would allow New York state and federal credit unions to participate in the Excelsior Linked Deposit Program, which is aimed at making capital available to small businesses.
The ELDP was created in 1993 to specifically address the need to make more capital available and affordable to small businesses by leveraging state resources so that eligible businesses can receive loans that are two to three percentage points lower than the prevailing rate. Credit unions are currently excluded from participation in the program, and the bill is designed to rectify that. The same legislation is currently being considered in the state Senate.
