Westchester County Business Journal

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WESTCHESTER COUNTY

BUSINESS JOURNAL

YOUR only SOURCE FOR regional BUSINESS NEWS | westfaironline.com

December 17, 2012 | VOL. 48, No. 51

john golden

Credit unions could ease loan crunch for small business BY JOHN GOLDEN jgolden@westfairinc.com

Hurricane Sandy and the village’s Historic Preservation Commission have posed new threats and costs to their North Water Street project. Their attorney called it “a classic Catch22 situation.” Last year, the brothers’ Pleasantville company, Plateau Associates L.L.C., presented the village planning board with plans for a six-story, 137-unit apartment building at 36 N. Water St., a five-acre property east of the Metro-North

While negotiations continue on Capitol Hill to avert the looming fiscal cliff, a bipartisan group in Congress is pushing for a vote before year’s end on a bill to allow credit unions to increase their lending to small businesses squeezed by tightened bank credit since the financial crisis of 2008. The Small Business Lending Enhancement Act, as the bill’s Senate version is titled, would enable credit unions to lend up to 27.5 percent of total assets to member businesses. Credit unions could raise their lending above the current cap of 12.25 percent of total assets in a graduKirsten Gillibrand ated tier system overseen by the National Credit Union Administration. The change, which requires no additional government spending, could increase business lending by as much as $1 billion among the 422 credit unions in New York state, according to the Credit Union National Association (CUNA). The association calculated that increased amount of lending would spur the creation of up to 11,000 jobs in the state. The legislation, which also has bipartisan sponsorship in the House of Representatives, would free up an additional $233.9 million for potential lending at 39 credit unions in the seven-county Hudson Valley region. The 21 credit unions operating in Westchester County could have an additional $68.9 million available for lending to small

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Credit Unions, page 6

Developers Peter Stolatis, left, and Nicholas Stolatis outside the former Brandreth Pill Factory that they own and want to raze on the Ossining riverfront.

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BY JOHN GOLDEN jgolden@westfairinc.com

n the Ossining waterfront, residential developers Peter and Nicholas Stolatis have weathered a recession and vocal opposition to their plans for Hidden Cove on the Hudson since first floating their redevelopment proposal seven years ago. Now the brothers find their revived and revised project caught between a rising floodplain and a deteriorated historic place.

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@ Manufacturers Team up • 2


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