New York State Capitol Building Albany, N.Y., New York State Capitol building. (Source: Shutterstock)

New York Gov. Kathleen C. Hochul on Sunday signed a new law that authorizes credit unions to participate in the state’s Excelsior Linked Deposit Program, which the New York Credit Union Association called a major historic victory for the Empire State’s 314 financial cooperatives.

The Excelsior Linked Deposit Program was created in 1997 to assist small- and mid-size businesses in New York with expansions, modernizations, developments and other investment projects. Through the program, eligible businesses can obtain commercial loans from authorized financial institutions at significantly reduced interest rates. Lenders are compensated with a deposit of state funds at comparably reduced rates, according to the NYCUA.

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