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BANKS
Bank on it: $20M for business loans
Many business breakfast meetings find people still half asleep.
But those who attend the Hauppauge Industrial Association's breakfast today are sure to be wide-awake when they hear what Joe Perri has to say.
Perri, chief executive of Gold Coast Bank of Islandia, will announce the bank has $20 million in loans to make to small businesses on Long Island.
"All banks say they have money to lend," Perri said earlier this week. "But we're making a commitment to a definitive dollar amount and to a specific segment of the business community on Long Island, which is the small-business community."
The bank, which turns 3 in April, has never made such a commitment before, Perri said. Some qualified borrowers may get rates as low as 4 percent; many will be in the 5 percent to 5.5 range, he said. Perri said he hopes the bank will be able to make 40 to 50 loans to small businesses with sales in the $1- million to $7-million range. All types of businesses can apply.
"I hope the [$20 million] is used up in six months," Perri said.
Potential borrowers are accustomed to hearing banks say there is loan money available, only to...