October 29, 2018
The Adirondack Trust Company announced today that 2018 has been a very successful year for its lending through the U.S. Small Business Administration (SBA.) For the year ending Sept. 30, 2018, the Adirondack Trust Company approved 52 SBA 7(a) loans, amounting to more than $4.5 million. Respectively a 24% and 29% increase over the 2017 fiscal year reporting period. As a locally headquartered community bank, this makes the Adirondack Trust Company the top lender in Saratoga and Warren Counties as well as the other counties in the Capital Region SBA District.
“It is an honor that we are able to represent the small businesses community in originating SBA loans to the local businesses in our market area. These results and when compared to our record-setting results from last year are a testament to the growth in our market and for these small businesses that we work with to obtain SBA loans. For the sixteenth consecutive year, we were the most active locally headquartered and locally owned bank in both Saratoga and Warren Counties, both in terms of number of loans made and in terms of the total dollars loaned.” ATC President & CEO Stephan von Schenk said. “Since our founding in 1901, this has been the cornerstone of our work: Each locally owned business that we work with is a local business, and we are grateful that they chose us to help them grow their business by making SBA and other financing programs available. We are only as strong as our community, and the core of our mission which is to continually serve the community and to go above and beyond.”
Jennifer Lamb of Menges & Curtis Apothecary received one of the SBA loans from the Adirondack Trust Company and said, “Receiving the SBA loan from the Adirondack Trust Company was imperative to follow my dream of owning a compounding pharmacy. We are very proud to continue the historic partnership between Menges and Curtis and the Adirondack Trust Company.”
Karen A. Rhoades, Esq. of Rhoades, Cunningham and McFadden, PLLC also received an SBA loan and said, “Adirondack Trust Company and the Small Business Association were instrumental in helping us achieve our goal of moving into a bigger office space and expanding our business. ATC took the time to get to know us, understand our business and our goals and help us determine our best financing options. Once we determined the best option, ATC made the loan process easy to understand and stress free. ATC kept us informed throughout the process and our point of contact was knowledgeable about SBA loans, always accessible and made us feel comfortable through the entire process.”
In addition to helping business owners achieve their financial goals, the Adirondack Trust Company’s SBA lending program assisted in creating 101 new jobs across 20 businesses in the region, putting more dollars into our local economy.
In 2014, another milestone year, the Adirondack Trust Company transitioned from a 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 Lender’s Advantage (October 2018). U.S. Small Business Administration.