THE ADIRONDACK TRUST COMPANY HAS RECORD YEAR FOR SBA LOANS
Saratoga Springs, New York—The Adirondack Trust Company announced today that 2016 has been a record-breaking year for its lending through the U.S. Small Business Administration. For the year ending Sept. 30, 2016, The Adirondack Trust Company approved 56 SBA 7(a) loans, amounting to more than $4.4 million. 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.
“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,” ATC President Stephan von Schenk said. “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.”
In addition to helping business owners achieve their financial goals, The Adirondack Trust Company’s SBA lending program assisted in creating 89 new jobs across 24 businesses in the region, putting more dollars into more local pockets. 87 North Enterprises, LLC (DBA Kru Coffee) was one of those businesses, using SBA funding to help start their flagship coffee shop off Route 9 in Saratoga Springs, New York, and hire four employees.
“Adirondack Trust helped us to secure 30 percent of the financing for our startup of Kru Coffee,” said Kyle Brock, owner of the innovative coffee shop and coffee wholesaler that opened earlier this year. The coffee-shop location boasts multiple state-of-the-art Slayer espresso machines and Steampunk coffee brewers, along with Brūbender Concept Bar, an in-house roastery, and plenty of space for patrons.
“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.”
Cartwheels Gymnastics Center in Clifton Park, New York, was also a recipient of SBA funding this past year, using much-needed dollars to help expand the veteran-owned business.
“The Adirondack Trust Company is one of the biggest reasons we’re in business today,” said Cartwheels Owner Jason Dammer. “After being denied by a handful of other banks, it was ATC that decided we were a risk worth taking. 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.”
“We are extremely thankful to have the trust and support of ATC,” he said. “We’re excited about the partnership created that has allowed both of our companies to thrive.”
In 2014, another milestone year, The Adirondack Trust Company 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. The SBA Capital region covers the following counties: Albany, Clinton, Columbia, Essex, Greene, Rensselaer, Saratoga, Schenectady, Schoharie, Warren, and Washington.
The Adirondack Trust 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. The bank 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. The bank's website is AdirondackTrust.com
The Adirondack Trust Company
Saratoga Springs, NY 12866, (518) 584-5844