As a benefit of membership in the New York Credit union Association, credit union professionals are invited to participate in a “First Look” webinar exploring what the Excelsior Linked Deposit Program means for credit unions.
In a major, historic victory for New York’s credit unions, Gov. Kathy Hochul signed into law legislation authorizing credit unions to participate in the state’s Excelsior Linked Deposit Program, effective immediately. The issue has been a key legislative priority for the New York Credit Union Association since the program was first introduced in 1997.
The Excelsior Linked Deposit Program was created in 1997 to assist small- and mid-size businesses in New York with expansions, modernizations, development and other investment projects. Through the program, eligible businesses can obtain commercial loans from authorized financial institutions at significantly reduced interest rates. Lenders are compensated with a deposit of state funds at comparably reduced rates.
The webinar, which will be held from 10 a.m. to 11 a.m. on Friday, Nov. 5, will be led by Henry Meier, the Association’s SVP/general counsel. Interested participants can register for the event on the Association’s website.