AmeriCU is the first credit union in New York state to have a business member approved for the Excelsior Linked Deposit Program. The program helps existing New York state small businesses, minority-owned businesses or businesses in economically distressed areas obtain reduced-rate financing to improve their business.
“AmeriCU is excited to support small local businesses through this reduced-rate financing program,” said John Arnold, VP of AmeriCU business services. “By utilizing LDP, qualifying business owners can focus on future goals and continued growth.”
Gov. Kathy Hochul signed into law the bill that grants credit unions access to the state’s Excelsior Linked Deposit Program in October, 2021 — a move that capped decades of advocacy and lobbying efforts from the New York Credit Union Association and the New York credit union community. At the time, William J. Mellin, Association president/CEO, said that New York credit union advocates worked diligently and persistently on the issue over the course of more than two decades, calling it a “massive victory” for both credit unions and New York businesses.