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Created by an act of the New York State Legislature in 1955, New York Business Development Corporation (NYBDC) is a private corporation funded by more than 147 New York State banks. Its mission is to promote economic activity within New York State by joining with partner banks to provide innovative loans to small businesses and the communities they support, and, particularly, to assist minority and women-owned businesses. NYBDC is a complement to conventional banking, working in partnership with banks to provide term loans, many of which do not meet the requirements for traditional financing. Its goal is to be more creative in underwriting. In many cases, NYBDC includes multiple participations, SBA guarantees, flexible amortization and long-term payouts.