November 13, 2018
By Bob Coleman
Editor, SBA Hot Topic Tuesday
SBA Hot Topic Tuesday — Pat MacKrell, Coleman 2018 Main Street Lender of the Year
Pat MacKrell is Chairman of the Board for NADCO, is a member of numerous boards, including the New York State Small Business Development Center Advisory Board and the New York State Economic Development Council. He has served as a member of the SBA’s National Advisory Council and on its National Veterans Advisory Board. Pat is a United State Marine Corps veteran having achieved the rank of Major before leaving active duty. He is admitted to practice law in the state and federal courts of New York State and is a graduate of York College of the City University of New York and Albany Law School.
Pat is the President and CEO of New York Business Development Corporation and The 504 Company (also known as the Empire State Certified Development Corporation, and is CEO of The Excelsior Growth Fund
Over Pat’s 12 year tenure as President & CEO, the loan portfolio under management and number of employees has more than doubled and the company has expanded into Pennsylvania and New Jersey. NYBDC and its related companies have a combined portfolio under management in excess of $1.42 billion, 120 employees and is among the largest 504 and Community Advantage 7(a) lenders in the United States.
In addition to its core mission, Pat has championed many new initiatives including a Hurricane Sandy disaster loan program for affected businesses that began disbursing loans before flood waters receded, a Bridge to Success program that helps MWBE certified business obtain capital to fulfill state contracts and the formation of a Lender Service Provider, PrudentLenders, LLC .
NYBDC, formed in 1955, was organized and exists in accordance with Article V-A of the Banking Law of the State of New York. It is a consortium of 118 banks and 83 economic development agencies. NYBDC’s goal is to promote the business prosperity and opportunity as an alternate lender. It operates solely in the State of New York and provides loans to small businesses at all stages of maturity with a particular emphasis on loans to start-up, early stage and minority/women owned businesses. NYBDC makes both SBA 7(a) and conventional loans. NYBDC is examined for safety and soundness by the Department of Financial Services.
The 504 Company, incorporated in 1981, is a certified development corporation serving New Jersey, New York and Pennsylvania. It is a national leader in providing the SBA 504 and Community Advantage Loan Programs and consistently ranks in the top three among certified development companies nationwide. Its mission is to promote economic development and jobs growth by making SBA 504 loans for the acquisition and/or improvement of fixed assets and SBA Community Advantage loans for businesses that are not able to secure conventional financing on reasonable rates and terms. The 504 Company works closely with banks to provide financing alternatives for their customers.
Excelsior was formed in 2009 to focus on providing gap funding to facilitate access to other loan programs, construction lending for small business expansion projects and small dollar loans (up to $100,000) with its online lending program – the SmartLoan Program. Excelsior also provides a broad range of business advisory services to small businesses with a view towards enhancing opportunities to access alternate and conventional financing.
Future Announcements for Coleman’s 2018 Lender Professional Awards
SBA 504 Lender of the Year — November 14
SBA Woman Lender of the Year — November 15
Mission-Based SBA Lender of the Year — November 19
SBA 7(a) Lender of the Year — November 20
Emerging SBA Lender of the Year (Under 40) — November 21
Secondary Market Person of the Year — December 4
Rural SBA Lender of the Year — December 5
SBA Business Development Officer of the Year event and nominating process will be announced this week.