BANK OF AMERICAExtraordinary Giving

Bank of America has one of the oldest and most diverse art collections in theworld, encompassing thousands of works including paintings, sculptures,drawings, prints, photographs, textiles and artifacts. As the company has

grown in recent decades, the size and scope of the Bank of America Collection hasalso grown. Today, the collection has been enriched with art from many of thelegacy banks, each with a particular emphasis—regional, thematic, contemporary, orhistorical. The result is a collection that reflects a broad and exciting spectrum of artin America.

In October of 2009, the bank donated Matinecock Indian Chief, a painting fromtheir collection, to the Nassau County Museum of Art. Having hung in a localbranch for 71 years, the painting became a mainstay in the community, and localbank leaders were thrilled to work with elected officials and others to help it find apermanent home.

“At Bank of America, we believe the arts should be shared with the widest possi-ble audience, which is reflected by our support of cultural institutions large andsmall across Long Island,” says Robert Isaksen, Long Island market president, Bankof America.

Bank of America has maintained a relationship with the Nassau County Museumof Art since 1991. In addition to having employees serve on various fundraising andadvisory committees, the bank has provided funding for educational programs, in-cluding the Financial & Visual Literacy program, which serves more than 2,000 stu-dents in school districts throughout Long Island, including those in underservedcommunities.

banks &finance

Robert Isaksen, LI Market president, Bank of America

“Bank of America is committed to a diverseprogram of cultural support that engages

individuals, organizations, communities andcultures and strengthens institutions

that contribute to the vitality of local economies”

– Bob Isaksen

“Bank of America is committed to a diverse program of cultural support that en-gages individuals, organizations, communities and cultures and strengthens institu-tions that contribute to the vitality of local economies,” says Isaksen.

The company’s Museums on Us® program offers Bank of America and MerrillLynch debit and/or credit cardholders the opportunity to visit more than 150 muse-ums nationwide, free of charge, on the first full weekend of every month. Here onLong Island, participating institutions include the Long Island Children’s Museum,Old Westbury Gardens, Suffolk County Vanderbilt Museum, and Long Island Mu-seum of American Art, History & Carriages.

Long Island Children’s Museum was selected as a 2010 Neighborhood Builder®

through the bank’s signature philanthropic program, the Neighborhood ExcellenceInitiative®. ■

Bank of America Neighborhood

Excellence Initiative Bank of America’s Neighborhood Excellence Initiative recognizes,

nurtures, and rewards community-based organizations, local heroesand student leaders working to improve their communities, here onLong Island and across the country.

The program’s Neighborhood Builders award acknowledges twononprofit organizations’ crucial role in improving the quality of life andaccess to opportunity for the people they serve. Awardees receive$200,000 in core operating support over two years to strengthen capac-ity. In addition, during the first year of funding, the executive directorand an emerging leader from each nonprofit participates in a leadershipdevelopment program.

Local Heroes are exceptional people contributing to their communi-ties in meaningful ways. The Bank of America Charitable Foundationdonates $5,000 in the Local Hero’s name to an eligible nonprofit of hisor her choice and recognizes these exemplary individuals at a publicceremony celebrating their achievements.

Through the Student Leaders® award, high school juniors and seniorsdiscover how they can directly influence the stability and character oftheir neighborhoods. Student Leaders participate in a paid summer in-ternship with a local nonprofit organization and engage in a StudentLeadership Summit held in Washington, D.C., activities that providestudents with valuable civic, business and private-sector perspectives.

For more information, visit www.bankofamerica.com/neighborhood-excellence. ■

LI Children’s Museum, Neighborhood Builder Awardee, board member and museum founder Roni Kohen-Lemle, executive director Suzanne LeBlanc, board member and museum founder Robert S. Lemle

and Robert Isaksen, LI market president, Bank of America Photo by Joel Plotkin8 N

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BETHPAGE FEDERALCREDIT UNIONContributions to the Arts

Bethpage Federal Credit Union, Long Island’s leading community financial in-stitution, with over 180,000 members throughout Nassau and Suffolk Coun-ties, is an ardent supporter of the Long Island community, focusing its

outreach efforts on the issues, concerns and interests of Long Islanders. “The Heartof Bethpage,” developed in 2005, serves as its umbrella community outreach pro-gram and includes such efforts as Bethpage’s senior management serving on vari-ous not-for-profit boards, employee volunteer programs, financial donations,community sponsorships, and a number of multiple cultural member initiatives.

Kirk Kordeleski, Bethpage Federal Credit Union’s president and CEO since Janu-ary 2000, is a noted supporter of Long Island’s community, recognized and honoredfor his leadership, passion and dedication to many Long Island concerns includingeducation, housing, health & fitness, and the arts.

“The study, appreciation and support of the arts and culture should be an integral

part of a community, especially as national arts initiatives and programs continue todecline,” asserts Kirk Kordeleski. “The arts offer invaluable benefits and value to so-ciety, including for one, its ability to foster young imaginations and facilitate chil-dren’s success in school. I am privileged and grateful to be able to play a key role insupporting these initiatives on Long Island.”

Bethpage current support includes:

•A recently formed partnership with the Usdan Center for the Creative and Per-forming Arts to create the summer scholarship program, the Usdan-Bethpage Schol-ars in the Arts program. The program was developed to award five promising highschool students in underprivileged communities the opportunity to study at theUsdan Center for the Creative and Performing Arts during this upcoming summer,July and August 2011. The scholarship program will award students from BayShore, Port Jefferson, Massapequa, Westbury and Commack, through a competitiveselection process conducted by their public school directors of music and an audi-tion and interview with Usdan faculty.

•The Long Island Arts Alliance (LIAA), which includes a network of the Long Is-land region’s not-for-profit arts and arts education organizations. As the Trustee onthe Board of Directors, Kirk Kordeleski works with the LIAA to offer extensive sup-port services to member organizations, act as an advocate for arts education in localschools and strategize on related economic development and community revitaliza-tion.

•A partnership with Northport’s John W. Engeman Theater, to support a series oftheater productions to raise funds and awareness for local charities.

•Hofstra University Museum and its Museum Family Art Activity Centers at theHofstra University Festivals.

•Great Neck Arts Center and its ART Reach program in Uniondale and Rooseveltschools.

•The YMCA and YMCA Boulton Center in Bay Shore, which has benefited fromBethpage’s steadfast support and financial donations.

•The Tilles Center for the Performing Arts: Kirk Kordeleski currently sits on theBoard of Directors as the Council of Overseers.

•The Landmark on Main Street in Port Washington – Bethpage has sponsored pro-grams since 2010 and will continue its support through 2012.

•The Port Jefferson Village Art Walk & Pet Adoption – Since 2001, Bethpage hassupported this Memorial Day-timed community event in which local shop keepersdisplay local artists’ work in store windows throughout the village, pet adoption &rescue groups reach out to the community, and local artists exhibit their work at thePJ Village Center.

•The Glen Cove Downtown Sounds Summer Concert Series

Over the past year, Bethpage also hosted several art contests including the “I LoveBethpage Art Contest,” that challenged Long Island’s up-and-coming artists fromthe Bethpage School District to draw what about their town they love most. Thewinner was announced at the Annual Bethpage Tree Lighting Ceremony and duringthe holidays the winning artwork was displayed alongside the “Welcome to Beth-page” sign located in the Town of Bethpage. Active in social media, last summer’s“Beth & Paige Need a Vacation!” contest engaged photography enthusiasts on Face-

book, as did this year’s “Bethpage Air Show Rocks!” photo contest. Realizing the importance of strengthening government relations, Kordeleski also

recently led a 19-organization “Fly-In” delegation, in which key Long Island not-for-profit leaders met with U.S. Congressman Steve Israel to talk about funding oppor-tunities. Included in the delegation were the Long Island Arts Alliance, UsdanCenter for the Creative and Performing Arts, the YMCA of Long Island, and the Cra-dle of Aviation Museum. ■

Kirk Kordeleski, president, CEO, Bethpage Federal Credit Union

“The study, appreciation and support of thearts and culture should be an integral part

of a community, especially as national arts initiatives and programs continue to decline.” –Kirk Kordeleski

Financial Experts Team Upfor New Cassel

A panel of experts team up to bring financial resourses to the New Cassel com-munity. Small Business attendees learned about conventional bank loans, SBA loanprograms, micro loans and NY State loan funds. The seminar also brought togetherrepresentatives from various non profits, CDCLI, IRS, SCORE, National Grid, Nas-sau County Office Minority Affairs, Nassau County Business Development Unit,and North Hempstead Business & Tourism. ■

Pat Edwards, CITI's vice president of Community Development, Roz Goldmacher, president, CEO LIDC, Barbara Whiting, SBA Business Development Specialist, Doug

Asofsky, CITI's senior vice president, SBA National sales director and Kennetha Pettus, executive director, Unified New Cassel Community Revitalization Corp.

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This month’s Networking® has a spe-cial editorial about Banking and Fi-nance. If you are a business on LongIsland, your bank is your primary fund-ing source. There are plenty of times,however, when your bank cannot lendyou everything you need on terms youcan afford. For those times, there are al-ternatives - Show Me the Money - Hereit is- from government, government re-lated and other sources:

Capital Asset Financing:Typical conventional commercial

mortgages range from 60-85% of ap-praised value. As a small business, youneed to preserve your cash for workingcapital needs. So, putting in a lowerdown payment on a capital projectmakes sense. The SBA 504 and NY JobDevelopment Authority Programs (JDA)can provide second mortgages behind

your bank so that you put in less equityand end up with a more affordable fi-nancing package. Both provide up to40% of the project cost in a second lienposition (project cost includes acquisi-tion, renovations, soft costs on a build-ing, condo or coop or acquisition &installation of heavy duty machinery).Terms are generally up to 20 years.SBA504 is at a low fixed rate. JDA is at lowfixed or floating rates. Both programsare economic development programswhich require job creation or retentionor some other community developmentobjective. The two loans can be com-bined on their own or with bank orother institutional financing and gener-ally require only 10% equity by thesmall business or its owners.

Working Capital Financing:The SBA 7A loan program is the most

used government related working capi-tal program (it can also be used for capi-tal assets). Under 7A, a bank or otherlicensed SBA lender makes a loan to thesmall business and gets a guarantee ofpart of the loan from the U.S. SmallBusiness Administration (a federalagency). This often induces the lender tomake a loan they otherwise would notmake to the business. 7A loans are typi-

Long Island Small Business-What’s Hot, What’s Not:

By Roslyn D. GoldmacherPresident & Chief Executive Officer

Long Island Development Corporation

In Funding for Small Business - Show Me the Money!

For information on low cost loans for targeted industries, micro loans to small businesses and pro bono project assistancein Nassau and Suffolk Counties, seewww.lidc.org

cally at floating rates but at long terms(7-10 years for working capital). Almostevery bank on Long Island as well asseveral credit unions make 7A loans.There are also several nonbank lenders.The NYS Linked Deposit Interest RateSubsidy Program can provide a small in-terest rate break on a 7A loan as well asany eligible bank loan for small business.

Special Loans:Long Island has a targeted loan fund

available to industries which supportour economy such as manufacturers,commercial fishing and wholesale/busi-ness to business service in pharmaceuti-cal, high end electronics, etc. It provideslong term low fixed rate subordinate fi-nancing for these eligible businesses.Community development funding isavailable from most municipalities forfaçade improvements and other pur-poses in certain communities. And,there are special funds allocated to cer-tain areas in need of revitalization whichcan be accessed directly by businesses orthrough the municipality.

Micro Loans:Smaller loans are available from sev-

eral community based organizations onLong Island. The SBA micro loan pro-gram provides up to $50,000. Other

micro loans funds provide smaller sums.Some of these are available for start upsas well as existing businesses.

The common theme among the gov-ernment supported funding sources is abusiness’ inability to access funds theyneed on terms they can afford from con-ventional sources. This can be due to thebusiness’ age, size, profitability (or lackthereof), type of industry, credit issuesetc. There is no question, however, thatmoney is available out there for Long Is-land’s small businesses - whether fromtheir banks or other financing institu-tions or from government programs orfrom a combination of conventional andgovernment supported sources.

For more information on alternativefunding sources for your business, talkwith your local banker, county or towneconomic development department. ■

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Thank you to all who contributed to the success of our special

Around the Cornerdouble issue.

These cities have excess hotel room availability,restaurants, entertainment and convention centersover 100,000 square feet of floor space, with sepa-rate breakout rooms and catering facilities.

Nevertheless, Nassau County can compete very favorably with the second tierconvention venues. However, to do this, Long Island’s convention capacity must in-crease. The largest venue on Long Island that is near hotels is the current NassauVeterans Memorial Coliseum, but it’s 60,000 square feet of exhibit space is inade-quate considering that Albuquerque and Austin, both with populations less thantwenty percent of Long Island, have convention centers of 168,000 and 150,000square feet respectively.

The convention business and economic potential is there for Long Island to grab,since many national organizations often rotate their convention venues between eastand west coasts, while smaller regional groups alternate between upstate anddownstate venues. Long Island’s inability to attract more conventions is primarilydue to the lack of a convention facility, the fact that attendees prefer fast travel timefrom the airport to their hotel, and that most attendees want to be able to walk fromtheir hotel to the convention center. The new Nassau County coliseum venue wouldmeet all of these criteria.

The challenge is financing, which is always the obstacle. Mangano would haveNassau County issue $400 million in bonds for the construction, all of which wouldbe guaranteed by the revenue stream generated from the coliseum activities. Theconcept has to go before the voters in an August 1 referendum and if the facts sup-port the promise, as they should, then supporting the borrowing is warranted.

Bottom line is that thousands of desperately needed construction and permanentjobs will be created along with their generated economic impact. Further will be the millions of new sales tax revenues and economic activity that conventioneers will bring to all of Long Island as they visit the region. So what’s not to like? ■

opinionBy Martin Cantor, Ed.D.

For the Long Island economy to grow it must import dollars from those livingoutside of the region. Aside from the usual economic-generating manufacturing andservice sectors, tourism contributes over $6 billion to the Long Island economy interms of jobs, sales tax revenues, money spent by visitors dining, using Long Is-land’s beaches and parks, traveling to the Hamptons and the wineries, and the useof hotels and surrounding amenities by business travelers. Historically, as the busi-ness climate improves, so does tourism.

While the fundamental industry sectors such as manufacturing are struggling inthe face of the global economy and the competitiveness of foreign labor, one area ofthe Long Island economy that is on the cusp of growing exponentially is tourism.This is due to the plans for the 40 acres surrounding the Nassau Veterans MemorialColiseum in the heart of Nassau County.

After the rejection by the Town of Hempstead of Charles Wang’s Lighthouse proj-ect which included renovation of the Coliseum, and public opposition to the Shin-necock Nation building a gambling casino on the same site, Nassau CountyExecutive Ed Mangano has unveiled a new plan. Mangano’s goal is a tourist, enter-tainment and business destination which includes building a new Coliseum keepingthe New York Islanders playing in Nassau County until 2045; constructing a minorleague ball park that would attract folks from Queens for an affordable night ofbaseball; and a mixed use development attracting business-related economic activityto central Nassau County.

Fundamental to economic development is evaluating what the highest and besteconomic fit for the area is, and then determining what offers the best chance for de-velopment success and for bringing in economic activity from outside the region.For the Long Island economy to grow it can’t recycle existing economic activity fromone part of the Nassau/Suffolk region to another. There must be more than a zero-sum game in economic generation. A new Coliseum with convention center capabil-ities, a minor league ball park, and business development may just do the trick.

The fact is, Long Island does have conference centers and exhibition halls, but itdoesn’t have a world-class convention center which a new Coliseum would provide.It is unreasonable to expect that Long Island, a second-tier convention venue similarto Albuquerque, New Mexico and Austin, Texas, can compete with first tier conven-tion venues such as New York City, Atlanta, Las Vegas, San Francisco and Los Angeles.

Martin R. Cantor is an adjunct professor of economics, the director of the Long Island Economic and Social Policy Institute at Dowling College and author of “Long Island, The Global Economy and Race, The Aging of America’s First Suburb.”

Increasing Tourism on Long Island

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