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The U.S. Small Business Administration Syracuse District today recognized Alternatives Federal Credit Union, based in Ithaca, NY, for its lending to small businesses, as the Top Federal Credit Union Lender in the Southern Tier for 2006. Leading all credit unions across the Syracuse District’s 34-county service area, Alternatives distributed 13 SBA loans valued at $707,200 to small businesses in the nine-county Southern Tier region of New York State. Alternatives ranked 5th out of 33 lenders in the number of SBA loans made throughout the southern tier.

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Bernard J. Paprocki, SBA’s Syracuse district director presented the award to Bill Myers, Alternatives CEO.

“The SBA’s lending products are very important tools for credit unions to use to reach out to their members that are or want to be small business owners,” said Bernard J. Paprocki, the SBA’s Syracuse district director. “Alternatives knows that small businesses are the economic lifeblood of Tompkins County and is working hard to provide the necessary resources for businesses to grow and prosper in this community.”

“Alternatives has partnered with SBA for more than a decade. The support we have received from the local office has been crucial in our delivery of services to small businesses. They have sat down with us to review financials, accompanied us on site visits, and steered us through the agency maze. Beyond that, the SBA loan guarantees allow Alternatives to extend its lending, backed by the technical assistance SBA helps us provide to borrowers,” said Bill Myers, chief executive officer of Alternatives Federal Credit Union.

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Mary Biggs owner of Under Cottonwood Daycare talks about the value of the assistance she received from Alternatives Federal Credit Union and SBA. (left) Bill Myers, president and CEO of Alternatives Federal Credit Union listens to her remarks.

Four business owners that received financial assistance from Alternatives through SBA’s loan programs participated in the program.

  • Jim Wilkins and Vivien Surnam owners of Carriage House Saddlery located in Trumansburg used an SBA 7a loan to purchase inventory and to equip and finish their store.
  • Mark Wheeler owner of Tech S2 Inc. used a SBAExpress 7a loan and two micro loans to relocate his business. Tech S2 is an IT consulting business that offers a proprietary voice recognition software technology to professional businesses and government service agencies.
  • Tori Brown, co-owner of the Pilates Room located at Island Health & Fitness Center received a SBAExpress 7a loan to equip and relocate the business.
  • Mary Biggs, the owner of Under Cottonwood Daycare, participated in the Alternatives Business CENTS Program and received funding to reopen and equip an at-home childcare facility for 12 children.

Alternatives Federal Credit Union is a Community Development Financial Institution, dedicated to building wealth and creating economic opportunity for underserved people and communities.

Lenders in the Southern Tier New York counties of Broome, Chemung, Cortland, Delaware, Otsego, Schuyler, Steuben, Tioga and Tompkins made 257 SBA loans for a value of $32,189,000 in FY 2006. The total number of SBA loans in the 34-county Syracuse District was 1,201 loans totaling $167,770,481 for the second largest lending year in the district.


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