AmeriCU Paves Way for Credit Unions to Utilize the Linked Deposit Program

By Herkimer County Chamber of Commerce

11/2/2022

ROME, NY – NOVEMBER 01, 2022: AmeriCU is the first credit union in New York State to have a business member approved for the Excelsior Linked Deposit Program (LDP). The LDP helps existing New York State small businesses, minority-owned businesses, or businesses in economically distressed areas obtain reduced-rate financing to improve their business.

Small businesses are major contributors to the local economy and quality of life in our community. The LDP helps strengthen small businesses by making borrowing less expensive. This is a great opportunity to grow your business and save money at the same time.

Qualifying business owners can strengthen their business and gain a competitive edge against their competitors by utilizing this program offered by Empire State Development. In order to apply for LDP you must use a participating lender and meet the requirements.

The LDP has existed since 1993, starting in October of 2021 credit unions were allowed to participate in the program. “AmeriCU is excited to support small local businesses through this reduced-rate financing program,” said John Arnold, VP, Business Services. “By utilizing LDP qualifying business owners can focus on future goals and continued growth.”

AmeriCU continues to support business development by offering lending solutions for all your business needs. Stop into one of AmeriCU’s Financial Centers to start the application process or visit americu.org to learn more.

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About AmeriCU

As a credit union, AmeriCU is a not-for-profit financial institution owned by our members. Serving nine counties in Central and Northern New York, AmeriCU provides you with all the products and services you need – often with low or no fees, and better rates. The organization has been serving the local community for over 70 years and, in that time, has grown to more than 157,000 members, 20 locations, and $2.4 billion in assets. AmeriCU is located in Central New York and is among the State’s largest, full-service financial cooperatives. For more information, visit www.AmeriCU.org.