Grow Your Business with State-Backed Financing
Sunmark is pleased to introduce the Linked Deposit Program (LDP). This partnership with New York State helps existing businesses obtain reduced-rate financing in an effort to improve their companies. The program encourages and assists eligible businesses within the state to make investments that contribute to improved performance and competitiveness, leading to a stronger economic climate for New York State.
Key Benefits:
- Reduced interest rates through state partnership
- Support for existing New York businesses
- Financing to improve business performance
- Partnership with established state program
- Expert guidance from Sunmark's business team
Eligible Projects and Businesses
Eligible Projects
- Projects that improve business performance and competitiveness
- Investments contributing to stronger economic climate for New York State
- Business improvements that enhance operational efficiency
- Initiatives supporting long-term business growth
Eligible Businesses
- Existing New York State businesses currently headquartered in NY
- Manufacturing, agriculture, and technology companies employing 500 or fewer
- Professional, personal service, and retail businesses with 100 or fewer employees in highly distressed census tracts
- All eligible businesses subject to credit approval
Common Questions About the Linked Deposit Program
Get answers to frequently asked questions about NY State's business financing program and how Sunmark can help.Existing New York State businesses are eligible. Professional, personal service and retail businesses are not eligible unless they employ 100 or fewer and are located in a highly distressed census tract. LDP cannot assist startups or companies not currently headquartered in New York State.
Loan amounts vary based on your business needs and creditworthiness. Our business lending team will work with you to determine the appropriate financing amount.
The program supports eligible projects that contribute to improved business performance and competitiveness. Specific project eligibility should be discussed with our business services team during consultation.
The state deposits funds with Sunmark at below-market rates, allowing us to offer you reduced interest rates on your business loan while maintaining competitive terms.
Application timelines vary by loan complexity. Our business services team will guide you through the process and provide estimated timelines during your consultation.
Get to know Rich.
Rich joined Sunmark in 2019 as a Business Relationship Manager, spending the next three years dedicated to building relationships with local businesses to ensure the financial well-being of their employees. Overall, he has worked in various commercial roles in the credit union space for nearly 15 years. Rich holds a Bachelor of Science in Accounting from the University at Albany. As Business Loan Officer, Rich is dedicated to to fostering the success of local, small businesses.
Best advice ever received?
Nothing in life is free, but if you put your mind to something, work hard and do your due diligence, you will succeed in tackling whatever challenges come your way.
Favorite Local/Small Business?
My favorite local small business is a restaurant called “The Cuckoo’s Nest” located on Western Avenue in Albany. The service is pleasant, and the food is incredible with a southern twist that isn’t too common for this area. They also have a homemade “Hot-Honey” sauce which is delicious.
If you could change one thing about the world, what would it be?
Financial education. The ability to understand how to manage credit and finances is a powerful tool, especially for the younger generation.
What are your hobbies?
I enjoy riding anything with a motor. This includes motorcycles, ATVs, dirt bikes, snowmobiles and more. I also enjoy real esate, including investment properties, marketing trends, and analysis.
What is the best advice you could give?
Do what is right, not what is easy.
Rich joined Sunmark in 2019 as a Business Relationship Manager, spending the next three years dedicated to building relationships with local businesses to ensure the financial well-being of their employees. Overall, he has worked in various commercial roles in the credit union space for nearly 15 years. Rich holds a Bachelor of Science in Accounting from the University at Albany. As Business Loan Officer, Rich is dedicated to to fostering the success of local, small businesses.
Best advice ever received?
Nothing in life is free, but if you put your mind to something, work hard and do your due diligence, you will succeed in tackling whatever challenges come your way.
Favorite Local/Small Business?
My favorite local small business is a restaurant called “The Cuckoo’s Nest” located on Western Avenue in Albany. The service is pleasant, and the food is incredible with a southern twist that isn’t too common for this area. They also have a homemade “Hot-Honey” sauce which is delicious.
If you could change one thing about the world, what would it be?
Financial education. The ability to understand how to manage credit and finances is a powerful tool, especially for the younger generation.
What are your hobbies?
I enjoy riding anything with a motor. This includes motorcycles, ATVs, dirt bikes, snowmobiles and more. I also enjoy real esate, including investment properties, marketing trends, and analysis.
What is the best advice you could give?
Do what is right, not what is easy.
