11/12/2019 | Press release | Distributed by Public on 11/12/2019 14:48
Saratoga Springs, New York-The Adirondack Trust Company announced today that 2019 has been a very successful year for its lending through the U.S. Small Business Administration (SBA). For the fiscal year ending Sept. 30, 2019, the Adirondack Trust Company approved 26 SBA 7(a) loans, representing more than $2 million in loans. As a locally headquartered community bank, this makes the Adirondack Trust Company the top lender in its category based on asset size, and also the most active Large Community Bank Lender in the Capital Region for the second year in a row.
'It is an honor that we are able to serve the small business community by originating SBA loans in our market area. For the second consecutive year, we are the most active Large Community Bank Lender in the Capital Region. Prior to this, we had been recognized as the most active Small Community Bank Lender in our region for many years.' ATC President & CEO Stephan von Schenk said. 'Since our founding in 1901, this has been the cornerstone of our work: Each locally owned business with whom we work is important to our community, and we are grateful that they chose us to help them grow their business through SBA loans and other financing options available to them. We are only as strong as our community and therefore it is important that we continually serve our small business customers.'
'I chose Adirondack Trust to help fund Palette Café's start-up costs because of our existing relationship from a previous successful business,' said Catherine Hover, Palette Café's owner and operator, who also founded Saratoga Paint & Sip Studio and received an SBA loan. 'The level of customer service and attention to detail from the Adirondack Trust team has made being loyal to this community bank easy.'
Palette Café's SBA funding helped completely renovate its space, while also providing working capital for the first few months. Because of this partnership, 10 jobs were added to the local marketplace.
Local mainstay Esperanto also is adding 10 to 30 jobs through its recent Oboy expansion to a 2,700-square-foot facility at 357 Milton Avenue in Ballston Spa, New York. Adirondack Trust provided an SBA loan, which funded leasehold improvements, equipment, and working capital for this new wholesale bakery. While the bakery does not currently include a café, an Oboy Finder on Esperanto's website can direct customers to the closest distribution point. Esperanto is poised to distribute their popular fare at Stewart's Shops, the Times Union Center, and several college campuses including Skidmore.
'The process by which to obtain a loan through other banks was surprisingly difficult, even after being in business for a while,' said Esperanto Co-Founder and Co-Owner Will Pouch. 'I chose Adirondack Trust because they made it easy. After our first SBA loan, over the years, we applied for and have been granted several other SBA loans. Adirondack Trust has helped us build our business at each stage, and there's a personal connection. Our relationship with Sue Rogan [our lender] spans back more than a decade, and she knows the ins and outs of our business and our needs, and she was flexible in ways that others weren't.'
'I like being in this community-a community that supports a business like ours, whether it's the bank or the people who come in for lunch, dinner, or a 3 a.m. snack,' said Pouch. 'I am so grateful.'
In 2014, another milestone year, the Adirondack Trust Company transitioned from a SBA Small Community Bank Lender in the Capital Region, to a Large Community Bank Lender, which includes banks with $1-$10 billion in assets. The SBA Capital Region covers the following counties: Albany, Clinton, Columbia, Essex, Greene, Rensselaer, Saratoga, Schenectady, Schoharie, Warren, and Washington.
Adirondack Trust Companyis 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 13 branch offices. The bank offers banking, trust, insurance, and wealth-management services, and originates real estate mortgages, both residential and commercial, and commercial business loans throughout its primary market area. The bank is a Bauer 5-Star Rated Superior bank. The bank's website is AdirondackTrust.com.
Adirondack Trust Company
Saratoga Springs, NY 12866