The Adirondack Trust Co. announced that
2015 has been a record-breaking year for its
lending through the U.S. Small Business Administration.
For the year ending Sept. 30, the Adirondack
Trust Co. approved 38 SBA 7(a) loans, amounting
to more than $3.2 million, bank officials
said. In 2014, the bank approved 29 SBA 7(a)
loans, amounting to $1.8 million, making
2015’s year-over-year approvals an increase of
31 percent in volume and 78 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,” bank 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 another milestone year, 2014 saw the
company’s transition 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, officials said.
This year, The Adirondack Trust Co. once
again received accolades for its performance,
placing in the top-two most active SBA Large
Community Bank Lenders.
Colleen and Tim Holmes, co-owners of
WOW Restaurants Inc., received one of the
bank's 38 SBA loans to expand their business
into a new neighborhood. The couple founded
Wheatfields and BWP Local Grille, with locations
in Saratoga and Clifton Park, and now
has 2 West Bar & Grille and 2 West Express in
Saratoga Springs.
"If we didn't get the funding, we wouldn't be
expanding," Holmes said. "We can do it now,
and we are very excited about both our location
on West Avenue and offering an express
aspect."
"When we work with Adirondack Trust, we
know we are supported–and not just on pen
and paper," she added.
The SBA Capital region covers Albany,
Clinton, Columbia, Essex, Greene, Rensselaer,
Saratoga, Schenectady, Schoharie, Warren, and
Washington counties.
Adirondack Trust Co. 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 twelve 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 www.adirondacktrust.com.