After years of plunging home prices, the most attractive asset one can invest in, says Greater Paterson Chamber of Commerce member realtors is housing. After the peak frenzy of home buying in 2006, we’ve seen years of falling prices, surging foreclosures and high unemployment rates. However, in 2011, some economists are calling the housing market, “The little engine that could” due to its slow and steady upturn.

“Without a doubt, now is the time to buy,” said Dan Shiver, Broker of Shiver Real Estate Agency in Paterson.

Let’s rewind back to 2001 to understand how the housing bubble burst in the �irst place, leaving America in a �inancial crisis. After the terror attacks of September 11th, the Federal Reserve began cutting rates to make it more attractive to banks to do the same with mortgage rates to increase borrowing. Everyone from the White House down encouraged buying, and it was considered patriotic to do so. As interest rates dropped to the lowest rates seen in 40 years, the number of homes being sold increased dramatically, beginning in 2002.

Enter the sub-prime loan. A sub-prime loan is a loan to a borrower who has a FICO score of 640 or less, and does not qualify for a traditional loan. According to statistics released by the Federal Reserve Board in 2004, from 1994 to 2003, sub-prime lending increased at a rate of 25% per year, making it the fastest growing segment of the U.S. mortgage industry. Usually awarded with a higher interest rate, many borrowers took out Adjustable

Rate Mortgages (or ARMS) that gave them lower initial interest rates, but could increase signi�icantly over time.

Sub-prime loans were being bundled together and sold as “Asset-Backed Security” to investors. Credit rating agencies such as Moodys or Standard & Poor’s, both �inancial �irms that rate investments, were putting their AAA or A+ approval on these securities. Sub-prime mortgage lenders had an opportunity to sell their risky debt. It became very pro�itable to originate (or be the original mortgage

lender), and then sell it. All of this pro�itability became the catalyst for banks to continue to off er mortgages to individuals who were not credit worthy.

“Banks were also not verifying income,” explained Nick Tseleptis, Broker of Nicholas Real Estate of Clifton. “They were going by stated income. A borrower would say something like, ‘I am a manager at ABC company and I make X amount.’ The bank would then call that company to verify employment and title, but never verify income.”

Upcoming Events! continued... pg 3

GREATER PATERSON CHAMBER OF COMMERCE REALTORS SAY IT IS THE PERFECT TIME TO BUY

Chamber HappeningsGreater Paterson Chamber of Commerce Volume XII/Issue 4

April 2011

10TH

ANANANUAUAU LVIN

CCEENNTT CCOORRTTESE GOLF OUTING

10TH ANNUAL VINCENT CORTESE MEMORIAL GOLF OUTING

WED. JULY 27TH... SEE INSERT!

GPCC PATERSON YOUNG PROFESSIONALS MEET AND GREET

WED. APRIL 27TH/6:00 PMCENTER CITY SPORTS BAR

The GPCC is interested in featuring your company in

Chamber Happenings. Call 973-881-7300 for details

According to Greater Paterson Chamber of Commerce member realtors now is the perfect time to buy a home. Chamber Happenings recently interviewed Dan Shiver, Broker/Owner of Shiver Real Estate, John Susani, Broker/Owner of Coldwell Banker Susani Realty, and

Nick Tseleptis, Broker/Owner of Nicholas Real Estate. All three provided insight into the housing market’s decline, the current housing market, and advice to potential buyers.

GREATER PATERSON CHAMBER OF COMMERCE100 Hamilton Plaza, Suite 1201

Paterson, NJ 07505(t) 973-881-7300 (F) 973-881-8233

gpcc@greaterpatersoncc.org

EXECUTIVE BOARD OF DIRECTORS:Jim White Jr., White & Shauger Inc.

Vice President/Finance

Irwin Bailey, EBCO Development Corp.Vice President/Retail

Teri Duda, Berkeley CollegeVice President/Education

Rick Ricca, Verizon CommunicationsPast Chairman

Vice President/Governmental Affairs

George Waitts, Crown Roll Leaf Inc.Chairman

DIRECTORS:James Chappell, JC Printing

Patrick DeDeo, William Paterson University

Robert DeMers, Esq.

Matthew Evans, Evans Architect

Peter Garafano, Garafano Tank Services

Paul Harencak, CLI Group

Thomas Horsburgh, Ridgid Paper Tube Corp.

Joseph Langan, River Drive Construction

Ken Morris Jr., St. Joseph’s Medical Center

Steve Rose, Passaic County Community College

Kimberly Rupp, TD Bank

Sean Ryan, Hanson & Ryan Inc.

Art Scialla Jr., Ace Reprographic Services

Michael Seeve, Mountain Development Corp

Dan Shiver, Shiver Real Estate Agency

Roland Straten, Associated Fire Protection Inc.

Everton Scott, Public Service Electric & Gas

James Suessmann, CPA

Nick Tsapatsaris, Center City Partners, LLC

Nick Tselepis, Nicholas Real Estate

Don Vanderbeck Jr., C.J. Vanderbeck & Son Inc.

Dot Woods, Columbia Bank

STAFF:James “Jamie” A.M. Dykes II

President

Sheri A. FerreiraAssociate Director/Editor, Chamber Happenings

Gladys BayonOffi ce Administrator

Chamber Happenings is published by The Greater Paterson Chamber of Commerce. Our monthly

publication is THE source for today’s top business news and information as it relates to our members and

the Greater Paterson area.

Want Ink? Send us your announcements. What is new with you and your company? The GPCC wants to promote your goods and services. Are you an expert in your fi eld? Do you have advice to lend to our mem-bers? If so, Chamber Happenings allows members to submit by-lined articles. Send your news, announce-

ments or by-lined articles to Chamber Happenings Editor, Sheri Ferreira at sheri@greaterpatersoncc.org or contact the Chamber via telephone: 973-881-7300.

© All Rights Reserved. If you would like a copy of an article that appeared in Chamber Happenings, for your

own project, please let us know.

Chamber Happenings

Dear Chamber Members,Recently, I had the opportunity through our Paterson noontime Rotary Club to volunteer at a Habitat for Humanity Day alongside some high school-aged Interact Club members. This event has re-motivated me and reminded me of the importance of Community Service.

In many small ways the economy is starting to turn around. We hear that there is slow job growth, that folks are starting to spend money again. In fact, in this very issue of Chamber Happenings, some of our member realtors are encouraging home buying and boldly stating that it is the perfect time to buy.

However, for many, the times are still very dif�icult. One only needs to ask Sister Gloria Perez, the director of Eva’s Village. People are still struggling everyday to put food on their tables and visiting Eva’s kitchen, and others are lucky to have a roof over their heads.

I would encourage you to consider giving the gift of your time to a worthy service

project. Many companies set a certain day of service for their employees and managers to participate in. If you need assistance locating a worthy cause, feel free to call me at the Chamber of Commerce at 973-881-7300.

I was also fortunate enough to be a guest reader at Paterson’s School 14 last month for Dr. Seuess’ Read Across America. A quote from Dr. Seuss’ The Lorax says it best.

“Unless someone like you cares a whole, “Unless someone like you cares a whole, “awful lot. Things aren’t going to get better, they’re NOT!”

Jamie

A Note from Our President

JOINT GOVERNMENTAL AFFAIRS COMMITTEE LUNCHEONS

Attendance is open to all Chamber members and their guestsFor more information call Gladys at 973-881-7300

Most Fridays/12:00 pm - 1:30 PMThe Hamilton & Ward Steakhouse

(101 Ward Street)Valet Parking Available (or)

Underground parking is FREE with validation from restaurant

Cost: $25

AT JGA MEETINGS WE GET CANDID ABOUT BUSINESS AND POLITICS

We meet regularly with Federal, State, County and Local Officials for the purpose of building relationships that facilitate and build our ability to exchange ideas

and initiatives, in an open forum setting, for the purpose of making a more business friendly environment for our member businesses to conduct commerce.

Upcoming Speakers:Upcoming Speakers:April 29th - Terry Duffy, Freeholder Director, Passaic County - Update on The

2011 Passaic County Budget and Economic Development

May 6th - Assemblyman Gary Schaer (D): What’s Happening in Trenton These Days?

May 13th - Senator Bob Gordon (D): Topic: TBA

John Susani, Broker of Coldwell Banker Susani Realty of Paterson, indicated that it was a combination of sub-prime loans, and other factors. “The rates were receptive. There was employment, and people were spending money they never had. They were buying that second home as well. They thought the American dream was to buy three houses at 100% �inancing.”

Suddenly the average Joe was an investor �lipping properties.

“The money was so easy to get that a frenzy was created. There was record re�inancing, and a lot of people took out equity. People were buying and �lipping and because of the demand, property values were in�lated, but it was unrealistic that a home value would double in 3 to 4 years,” said Tseleptis.

Investment banks and other large investors were now able to borrow more and more to create additional products, which included shaky sub-prime assets. With banks unloading their risky debt to investors, they were able to introduce other strategies for luring borrowers, such as teaser rates, or rates that would last for one year, and then sky-rocket in three, four, or �ive years. Teaser rates, ARMS and Interest-Only loans, where no principal payments are made for the �irst several years, were pushed upon borrowers. Suddenly the American dream of owning a home was reachable for many. What borrowers didn’t take into account was the inevitability of decreasing home values down the line.

By the middle of 2006 home sales stalled, interest rates began to rise, and Adjustable Rate Mortgages began to reset, causing increases in mortgage payments for many who couldn’t

aff ord it. Default rates began to rise, and investors started to back away from bundled Asset-Backed Securities.

Today, because of the rates of foreclosures, there are a lot of homes on the market just waiting for buyers. Unfortunately, buyers are still concerned about the economy, and not making the investments that could in fact help to turn the economy around.

“If you’re waiting for the media to make one big announcement about it being the time to buy then you’re going to be waiting for some time. There won’t be a big announcement,” said Shiver. “But make no mistakes, now really is the time to buy, if you have the credit.”

According to Shiver and other realtors, as more and more people start to buy, which they will, home prices will once again rise, therefore, its important to get into the market now and purchase while home prices and interest rates are still down.

“When times are dif�icult, that’s when the most opportunity for the best deals are. When people jump out of the market, that’s when the smart money goes into the market, and they buy,” indicated Shiver.

Tseleptis agreed that smart buyers will invest now while the prices are

IS IT THE PERFECT TIME TO BUY? REALTORS SAY YES!Continued from ... COVER

Continued... pg. 4

attractive. He said, “You’d be buying at a very discounted price because soon the prices are going higher on not just homes but interest rates as well.” He continued to indicate that for every 1% increase in interest rates, the buyer will lose 10 percent of their buying power.

Susani off ered advice to potential buyers who are sitting on the fence trying to decide if they want to invest right now. “The consumer should go out, make an off er, and test the market. Rates at the bank are very appealing. Banks are starting to loosen up a bit and accept the short sale off ers.”

Currently, as banks are saddled with foreclosures, many sales are “short sales.” For example, according to Susani, one Paterson City street, is currently showing 8 short sale listings. Susani is personally listing 26 homes, and he estimated that 40% are short sales. Short sales occur when a property is sold for less currently owned on a mortgage by a homeowner. Generally these short sales will take many months before a bank will approve the negotiated upon sales price because the bank is taking less money then the original mortgage.

“Short sales are a way of life for the foreseeable future,” said Shiver. “But generally it will take 60-120 days to get approval of a short sale so they are not for everyone.”

Short sales diff er from a foreclosure, which occurs when a bank regains procession of a property due to the homeowner’s default of payments. Typically a foreclosed property will sell at an auction and the proceeds will be applied to the outstanding mortgage.

John Susani

Dan Shiver

Nick Tseleptis

All of our interviewed realtors agree that the housing stock is available, but do they agree that there is money available? Absolutely, and there are many programs for “owner-occupied” buyers to get into a home in Paterson and surrounding areas. However Shiver reminds potentialbuyers that quali�ications are higher.

Tseleptis encourages folks to take a look at FHA loans, which require a buyer to only put down 3 1⁄2 percent, as opposed to the traditional 10% required by banks. FHA loans are government backed loans traditionally for low-to-moderate income families looking to buy a home for the �irst time. There is a particular FHA program called “Smart Start,” which will give a �irst time buyer who plans to live in the home, a “loan” for a down payment for up to $4,000. This loan could also be forgiven if certain steps are met.

“FHA loans, in my opinion are more buyer-friendly,” explained Shiver. “There are many incentives within an FHA. If you �ind a house that’s in disrepair, you can get FHA 203K, which is a buy it and �ix it program. You can include repair amounts in the mortgage.”

In fact, in addition to the FHA 203K, there is “Rebuild USA,” a partnership with Lowes home improvement stores. With this program, a homebuyer is able to go into a Lowes, explain that the home they are buying is in need of some TLC, and they will help the buyer to digitally design home renovations, and even provide quotes from Lowes approved vendors to handle the renovations.

Furthermore, Susani described a HUD program that provides a $30,000 grant for �irst-time home-buyers. After a certain number of years in the home, the $30,000 grant can be forgiven. He indicates that more information can be obtained regarding this program through the Paterson Housing Authority.

Realtors also encourage folks who

work in the City of Paterson to consider a now under-utilized program called, “Live Where You Work.” This program provides grants or loans for down payments to employees of local companies if they buy in the same City. Paterson is a participating City for this program. A buyer must meet income parameters, and stay in the home for 20 years. Selling or moving out prior to 20 years could result in the home-owner having to pay back a loan before it is forgiven.

“I would like to ask businesses to make their employees aware of this program, because its a proven fact that when an employee lives close to their place of employment they are better employees,” explained Tseleptis.

Of course, traditional bank mortgages are an option. Banks such as Valley National Bank, have adapted their products to make them more attractive in this economy. Omar Huamani of Valley National Bank’s Chamberlain Avenue branch in Paterson is promoting his bank’s $499 mortgage. He says, “If you go to another bank, it could cost you from $1500 to $3,000 in closing costs. Valley is able to keep our mortgage at $499 because we have our own title insurance company and we are pro�itable and strong.”

Although Huamani admits, that it is more dif�icult for buyers to obtain a traditional mortgage due to increased standards and documentation veri�ication.

Many banks such as TD Bank and Columbia Bank never entered into the sub-prime loan market.

Continued... pg 6.Continued... pg 6.Continued... pg 6

Perfect Time to Buy ... from pg. 3

“We’ve always been a conservative mortgage lender,” said Michelle Abel, Branch Manager of Paterson’s Downtown TD Bank branch. “Folks that weren’t approved for a loan from us could go to another bank, secure that mortgage for an outrageous interest rate, but not have the ability to pay their mortgage. With Commerce, or Hudson United, and now TD Bank, there’s always been math behind our lending. Today all banks are verifying income and credit parameters are higher.”

Susani indicated that FICO scores now have to be 620 or above. FICO scores are scores most lenders use to determine your credit risk. Unless one raises their FICO scores to above 620, they could be paying thousands of dollars in interest rates on not just homes, but anything they buy. Payment history accounts for 35% of one’s credit score, while outstanding debts are in charge of 30% of credit scores.

However, some banks such as Wells Fargo are lowering their required FICO rating parameters for FHA loans obtained through their banks. Wells Fargo announced in January that FICO requirements for an FHA would be as low as 500. The caveat is that your mandatory down payment would be greater, then an FHA’s usual 3.5% down payment.

Why is it so important that potential buyers start investing now?

“That question makes me smile in a sense that in order to alleviate this recession, we have to do it through

Among the many programs available to potential buyers is the Live Where You Work

Program, providing loans and grants to employees of local

companies that buy in Paterson and other

designated cities.

CHAMBER NOW RECRUITING FOR LEADERSHIP PATERSON 2012The First 2012 Leadership Paterson Session is in January ‘12

The cost of enrollment is $950 and the sponsoring employer has to provide 9 full days away from work for the participant to attend the seminars.

Aside from fostering the development of community leaders, the sponsorship of a participant in LP produces residual benefi ts that accrue directly to sponsors: •Those sponsored become more responsible and develop more self-reliance and self-esteem from being in a competitive environment with others who have a wide range of educational accomplishments, jobs, careers and professions. • Those sponsored develop/expand

leadership potential and a willingness to take on greater responsibility and to exercise a leadership role in their jobs and careers. • Those sponsored are afforded networking opportunities to promote their employers. There have been many instances throughout the LP years, when business relationships evolved and where business opportunities were revealed and exploited through the contacts that participants made among other LP participants, as well as those made with others in the 35+ visits that LP made during the year to businesses, organizations, institutions, etc., in conjunction with the 9 LP seminars.

LP enrollment is not limited to sponsored employees. Many business owners as well as top executives of community organizations and institutions have participated and continue to be welcomed.

The GPCC welcomes the return of previous years’ sponsors and of course, sponsorships from those members that have not previously sponsored a participant or themselves.

To enroll a participant or even yourself, or to arrange for more information, or to request a personal visit to your place of business, please call, write, telephone, e-mail or fax:

Sheri A. FerreiraAssociate Director and Director of Leadership Paterson Greater Paterson Chamber of Commerce 100 Hamilton Plaza, Paterson, N.J. 07505, Tel.: 973-881-7300 / Fax: 973-881-8233, E-mail: sheri@greaterpatersoncc.org

The Greater Paterson Chamber of Commerce is now recruiting for Leadership Paterson 2012. Leadership Paterson is the largest community outreach program of the GPCC.

GPCC urges Chamber members to give consideration to the sponsorship of an employee or other individual with leadership potential, in the program.

LP is structured to motivate its adult participants, the majority of whom are employees sponsored by GPCC members, to stop complaining about the way things are, or complaining about or criticizing what was done/not done by current leadership, and to get off the sidelines and take on a leadership role in the public/private sectors. In those roles, they will be able to infl uence and initiate new ideas, new ways of doing things, new programs, etc., that will help to make Paterson a better place to live, work, go to school, own a business, shop and in general, to improve the quality of life for those who live and work in the City.

Many of the program’s alumni have been or are involved in community leadership activities. Here are some examples: 4 current members of the 9 member Paterson City Council and 5 former members; 3 former member of the 7 member Passaic County Board of Chosen Freeholders; one former Passaic County Clerk, the current Board Chair of the GPCC and 3 past Chairs; the current President of Passaic County Community College; several members of the Paterson School Board, the former Editorial Page Editor of the Herald News; the Executive Director of the Paterson Education Fund; a member of the Editorial Board of the Herald News and the driving force behind the annual statewide workshop on Latino Empowerment; the President of the N.J. Hispanic Chamber of Commerce; The current President of the Paterson Rotary Club, and 4 former presidents, and many others who serve in volunteer/paid roles as executives, staff members or as board members of community organizations, as well as others in local, county and even state government roles. Wherever there is a need for leadership in the community, there will be an alumnus of LP ready to serve.

Above: Leadership Paterson’s Class of 2006 pays a visit to Lam-Above: Leadership Paterson’s Class of 2006 pays a visit to Lam-bert Castle, the home of Catholina Lambert, one of Paterson’s most notorious silk barons. The excursion was part of “Pater-son’s Glorious History,” LP’s fi rst seminar of every year.

Leadership Paterson offers opportunities for forg-Leadership Paterson offers opportunities for forg-ing strong relationships with classmates. Pictured above at LP’s Annual Alumni networking event is Jamie Dykes, GPCC President, with Sue Greenbaum, President of Greenbaum Interiors (Class of 1989) and Anthony Davis, Paterson’s First Ward Councilman, Anthony Davis, Paterson’s First Ward Councilman, (Class of 2001)(Class of 2001)

Two ‘LP participants (Councilman At-Large Benji Two ‘LP participants (Councilman At-Large Benji Wimberly, and Lisa Alston) observe the activities in-side a 2nd grade public grammar school in Paterson during the Education seminar, which focuses on Paterson’s Public Schools, which are under State control.

and well-being. Workshops include: Advanced Surgical Treatment of Coronary Artery Disease, Advances In The Early Identi�ication and Treatment of Alzheimer’s Disease, A Primer For Women’s Health, A Primer For Men’s Health, A Guide To Travel Health, What’s In Your Medicine Cabinet?, Can Your Diet Save Your Life?, The Mouth-Body Connection, CPR Anytime, Guided Imagery and Meditation, Yoga, and Culinary Delights For Spring and Summer.

Conference participants will also have the opportunity to receive free blood pressure and cholesterol

EXPLORE THE CHAMBER’S NEW WEBSITE

WWW.GREATERPATERSONCC.ORG

OUR NEW AND IMPROVEDWEBSITE FEATURES A MEMBERSHIP LISTING,

FLYERS, RESERVATION FORMS, AND DOWNLOADS FOR EVENTS, AN EVENTS CALENDAR, AND IN-FORMATION ON ALL PATERSON CHAMBER OF

COMMERCE PROGRAMS, SERVICES AND EVENTS.

ALSO.... YOU CAN NOW DOWNLOAD ISSUES OF CHAMBER HAPPENINGS!

PLEASE BROWSE THE SIGHT, AND SHARE COMPLIMENTS AND/OR

SUGGESTIONS BY CALLING 973-881-7300.

the housing market,” answered Susani. “When you own a home, there is a domino aff ect. You have to buy other things, and support other industries such as insurance as well.”

According to recent statisticspromoted by the National Association for Realtors, one job is created for every two homes purchased in America.

This begs the question, of whether or not; we will �ind ourselves in this housing predicament again. After all, in 2001, the American Government

started encouraging home buying as patriotic. Will there be a rush to encourage increase home sales at any cost?

“This is cyclical,” said Shiver. “The housing bubble bursting was nothing new. It may have been deeper this time. But I’d say that every 15 to 20 years the market goes down.

The point, says the realtors, is that the current market featuring low home prices, and interest rates in the 4s and 5s makes 2011 the perfect time to buy before rates begin to increase.

To contact our interviewed realtors:Dan Shiver, Shiver Real Estate: www.shiverrealestateagency.comTel. 973-684-5505

John Susani, Coldwell Banker Susani Realty:www.colwellbankersusani.com Tel. 973-790-6996

Nick Tseleptis, Nicholas Real Estate:www.nicholasrealestate.comTel. 973-859-2310

Housing Market ... from pg. 5

ST. JOSEPH’S HEALTHCARE SYSTEM HOSTS SPRING HEALTHCARE CONFERENCESt. Joseph’s Healthcare System invites you to their Spring Health Conference entitled, “Live Long, Live Healthy, Live Well”. The conference will be held on Saturday, May 21st

from 8:00 a.m. to 2:00 p.m. at William Paterson University, 1600 Valley Road, Wayne, NJ.

The Conference will include 12 one-hour workshops, presented by St. Joseph’s physicians, dentists, nurses, dietitians and other expert staff . They will describe advances in the diagnosis and treatment of major diseases, provide strategies to reduce risk and off er holistic approaches to enhance overall health

screenings.Cost - $20 for one person, $35 for two people, and $60 for four people - includes screening, participation in all workshops, continental breakfast, buff et lunch and raf�le gifts.

Pre-registration is required by May 10th. For further information and to receive a brochure, please call 973.754.2868 or visit the Calendar of Events section on StJosephsHealth.org.

The Greater Paterson Chamber of Commerce wants to print your news!

Send press releases or announcements to Sheri Ferreira - sheri@greaterpatersoncc.org

The GPCC can also help your business or non-profi t write a press release to be sent to the media.

I’m not sure if there has been an offi cial announcement from government sources or some other economic authority, but just in case there hasn’t been, I’m declaring the RECESSION IS OFFICIALLY OVER!!!!! Yeah!!! Enough already - let’s get back to making money and talking positively about the economy and money in general. There are people who are making tons of money right now!!!!! I’m in the real estate business; and just in case you haven’t heard, real estate has been tough. I have felt the economic sting personally; but more importantly so have my clients. I have seen a lot of fi nancial pain over the last couple years; but enough is enough. Let’s make money!!!!

First, no good recession would be worth its salt if the money had not dried up. While money is tougher to get; there are lots of lenders, lending. Keep in mind one little change; (I’m kidding; there are lots of changes.) you have to qualify for the mortgage. If you qualify, you can get the money (Is this a novel idea?). It’s not that people didn’t have to qualify before; (they did, but many did based on the creative calculation of the numbers) it’s just that now you have to use basic addition and subtraction. If you have x coming in, you can only have x going out. You also have to prove it.

Now that we solved the money problem, let’s talk about affordability. When you talk about real estate, the numbers haven’t looked this good in years. YOU CAN BUY investment properties that are actually cash fl owing with decent returns. And of course you get all the benefi ts of owning real estate. Taxes are up in many places; but now you have to be proactive and appeal the taxes.

What about the interest rates? The rates are very low. When you put the combination of low rates and affordable prices together, the affordability factor is way up. On the residential side, there are programs that start as low as 3.5% down (FHA) or 0% down for Veterans’ loans (V.A. –Veteran’s Administration). In addition, there are fi nancing programs that you can use to get your down payment and/or closing costs either paid for or almost paid for; and you can get seller concessions in many situations. In effect, you can still buy ‘no money down’; you just have to be able to meet the payments and have good credit.

On the commercial side, there is bank fi nancing, local lending (ex: Paterson Restoration Corporation – PRC), alternative fi nancing (factoring), the SBA (Small Business Administration) and private investors who will lend money at favorable terms. When all is said and done, this is the time to get going. The RECESSION IS OFFICIALLY OVER – LET’S MAKE MONEY AGAIN!!!!!

For more information and sources of information and/or introductions, call Dan Shiver at 973-684-5505x 201 or email me at danshiver@aol.comand put ‘chamber’ in the subject line.

DAN SHIVER: THE RECESSION IS OFFICIALLY OVER.

IT’S TIME TO MAKE MONEY AGAIN!CONFERENCE ROOM AVAILABLE FOR RENTThe GPCC Conference room is available for your next business meeting at an aff ordable rate. The conference room features a U-shaped conference table and seating for up to 35 people.

The Chamber of�ices are easily accessible at 100 Hamilton Plaza in Downtown Paterson, a short drive from Route 19, the Parkway, and Route 80. In fact, the conference room’s view from our 12th �loor location off ers a spectacular view of Downtown Paterson and other areas of the city. A cafe on the same �loor, is a perfect option for catering and plenty of parking is located at the underground parking facility across the street at Center City Mall. For more information call 973-881-7300

POU HONORS GREATER PATERSON AREA WOMEN FOR WOMENS HISTORY MONTH

Recently Assemblywoman Nellie Pou hosted an Awards reception at the historic Paterson Museum recognizing Women’s History Month.

Annually, Assemblywoman Pou, acknowledges outstanding women from throughout the 35th

Legislative District to highlight their achievements in their leadership roles, and for their dedicated service to the community.

“Some have led classrooms, others have managed departments or organizations, and most contribute their time to volunteerism or faith-based activities,” said Pou.

Pou presented merit resolutions to Doris Ciaramella, Glen Rock; Nadia Almaita, Haledon; Gina Aliano, Hawthorne; Nidia Cano, Prospect Park; Marta Galvan, Paterson; Ernestine Dukes, Paterson; Anna Suizzo, North Haledon; Valerie Velez, Totowa; Dolores Sykes Williams, Paterson; Wafaa Saad, Wayne; and Camelia Valdes, Wayne.

“We honor eleven women for shaping our future. They are mothers, daughters, sisters and friends, and in spite of the role they play, each is committed to serving her community,” said Pou, in her welcoming remarks.

Pou added “that Women’s History Month has depth and meaning and that we must not forget that the �irst labor movements began right in our backyard and let us not forget that it began with women who fought tirelessly for workers rights.”

Dan ShiverShiver Real Estate

Downtown HappeningsYou can experience Downtown Paterson on the web at www.shoppaterson.org

SID, THE EASTER BUNNY TO VISIT DOWNTOWN PATERSONThe Merchants and Businesses of Downtown Paterson are welcoming families to Downtown Paterson on Saturday, April 23rd for FREE pictures with SID, the Downtown Paterson Easter Bunny.

SID will be roaming the district and stopping to meet and greet with families and children who are shopping starting at 1:30 PM. From 2:30 PM to 4:30 PM, the Easter Bunny will be

available for pictures at two designated locations. The �irst stop is Kids Palace at 288 Main Street. The second bunny stop is Rainbow, at 175 Main Street.

In addition to meeting the Easter Bunny a roaming clown will be off ering free balloon animals to

children on Main and Market Streets, and Broadway. And �inally, the Easter Bunny’s helpers, the Downtown Paterson SID Ambassadors, dressed in

red “Staff ” shirts will be distributing sales �lyers and promotional coupons from various Downtown Paterson stores for Spring promotions.

For more information, or to receive e-mailed event noti�ications, contact Sheri Ferreira at 973-881-7300 or e-mail sheri@greaterpatersoncc.org. You can �ind the Downtown Paterson SID on Facebook and on our Website at www.shoppaterson.org.

CITY BEGINS TO CRACK DOWN ON CODE VIOLATIONSRetailers and property owners beware. City inspectors have begun to canvas Main Street in the Downtown Paterson area to issue warnings to retailers and property owners who are violating City codes. For example, signage is only allowed to cover a certain percentage of a storefront’s window. If a City inspector witnesses a sign taking up too much of a window, the retailer could be �ined.

Other types of violations include broken windows, graf�iti, merchandise hanging from awnings and outside of the store.

The Downtown Paterson SID is in the process of getting a list of violations that inspectors are looking out for, and will have the list available for property owners and retailers to obtain. For more information about this, please call Sheri Ferreira at 973-881-7300.

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PATERSON RESTORATION CORPORATION

grow, and relocate to the City of Paterson.

relocation loans, or property development loans. The PRC enables businesses to

PRC’s mission is to create opportunities for Paterson Businesses ~ including equipment loans.

Wth a particular focus on small-to-medeum business (SMB) loans, from $25,000.00 to $200,000.00, the

No loan points!

Lanisha Makle, Director Community Development (973) 321-1212

Jeffery Jones, Mayor/Director Economic Development

No pre-payment penalties!Low interest rates!

Alpine Painting & Sandblasting Contractors

17 Florida Ave.Paterson

American Dream Management Corp.P.O. Box 380

Totowa

Arrow Steel, Inc.629 E. 19th Street

Paterson

Associated Fire Protection, Inc.100 Jackson Street

Paterson

Atlantic Stewardship Bank630 Godwin Avenue

Midland Park

Bascom Corporation495 River Street

Paterson

Bragg Funeral Homes, Inc.256 Rosa Parks Blvd.

Paterson

Broadview Networks744 Broad St., 10th Fl.

Newark

Brownstone, The351 West Broadway

Paterson

Burger King/Franchisees Jethwa Food Mgt. Inc.

675 Paterson AvenueCarlstadt

CJ Vanderbeck & Son, Inc.P.O. Box 705

Paterson

Classic Auto Body of Paterson33 Beckwith Avenue

Paterson

Coldwell Banker Susani Realty209 Union Avenue

Paterson

Commercial Financing Solutions, LLC103 Rock Road

Wayne

DeJong Iron Works Inc.223 Godwin Ave.

Paterson

Diaco Food Service110 Pennsylvania Ave.

Paterson

Douglas Stephen Plastics Inc.P.O. Box 2775

Paterson

Evans Architects A.I.A.470 Chamberlain Ave.

Paterson

Gates Flag and Banner6 E. 1st Street

Clifton

Great Falls Industrial Park Inc.70 Spruce Street

Paterson

Hanson & Ryan, Inc.P.O. Box 347

Totowa

Joseph A. Gilosa Bindery, Inc.555 20th Ave.

Paterson

Kirker Enterprises Inc.55 E. 6th St.

Paterson

Little Falls Alloys Inc.189 Caldwell Ave.

Paterson

Lipo Chemicals Inc.207 19th Ave.

Paterson

Longstreet Development Corp.9 Mill St.Paterson

Machinery Services Corp.P.O. Box AY

Paterson

Malqui Tax469 21stAve

Paterson

Miami Onion Roll Company111 Berkshire Ave.

Paterson

Nextwave Web, LLC229 Marshall St.

Paterson

Paterson Fire Fighters Assoc.850 Madison Ave.

Paterson

Peragallo Organ Co.302-308 Buffalo Ave.

Paterson

Prestige Hospitality, LLC2 Wood St.Paterson

St. Joseph’s Regional Medical Center703 Main Street

Paterson

St. Paul’s Community Development Corp.451 Van Houten St.

Paterson

Star of Hope Ministries Inc.34 Broadway

Paterson

Valley National Bank490 Chamberlain Avenue

Paterson

Wells Fargo95 Route 17 South

Paramus

THE CHAMBER THANKS OUR MARCH-APRIL RE-NEWING AND NEW MEMBERS

PRC MICRO LOAN PROGRAMLOOKING FOR HELP TO START A SMALL BUSINESS?

PATERSON RESTORATION CORPORATION • 131 ELLISON STREET, PATERSON, NJ 973-321-1212

•The rate will be Prime + 2% and will be fi xed at the time of closing•For loans of $500 to $1,000 the term will be one year•For loans of $1,001 to $5,000, the term will be two years•For loans $5,001 to $10,000, the term will be three years

$500 - $10,000 TO START A SMALL BUSINESS IN PATERSON

Applicants must contact theWilliam Paterson University

Small Business Development Center at 125 Ellison StreetTel.: (973) 754-8695

Applicants must reside in the City of Paterson as well as plan to operate their business in the City of Paterson. All applicants will attend FREE SBDC business training

classes and individual counseling sessions.

The Micro-Loan program offers loans in the range of $500 - $10,000 to eligible candidates who reside in the city of Paterson and who are looking to establish or expand a business within the City of Paterson. The lender and source of the loan funds is the Paterson

Restoration Corporation. The Small Business Development Center locates at 131 Ellison Street is contact for the borrower.

FREE BUSINESS TRAINING

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