The Empire Connection – February 2018

The Empire Connection February 2018

Five Ways To Grow Your Business

The New Year has kicked off and many businesses are setting new goals and plans to position their business for growth. A successful business understands how to set specific goals and how to achieve them through funding options. Your business growth strategy will vary depending on size, type and stage of your business. Small Business Administration 7(a) loans are one of the best ways to finance your small business for various business purposes. They are guaranteed by the SBA and issued by Empire State Bank. Explore how taking advantage of borrowing opportunities can help your business grow.


1. Open A New Location

If your current location is profitable, customers are finding you and you require more space to keep up with the demand then you may be considering expanding. While your business is profitable and generating cash _ow, the associated costs with opening up a new location may require an investment in capital.


2. Working Capital

Cash flow is essential to the operations and success of your business. It enables you to run your business by managing expenses such as rent, payroll, marketing and operating expenses. A surplus in cash flows provides flexibility in managing unforeseen dilemmas and allows you the comfort to make strategic investments.


3. Purchase Inventory

Inventory is one of the largest expenses for any business. Your need to keep up with demand by replenishing your inventory will vary depending on your business. If you are a seasonal business your business may experience peaks and valleys throughout the fiscal year – requiring a loan to purchase inventory before recognizing a profit. In order to determine whether this strategy will help your business, create a sales projection based on past years sales. Calculate the cost to finance the inventory and compare the number to your total projected sales. Sales can vary widely from year to year so be conservative and consider multiple years in your projections.


4. Purchase Equipment

With enhancements to the digital market, you may be looking to introduce new technological advancements or other equipment to improve your business offering and operations. Equipment is an asset to a company and can be used as collateral to obtain financing.


5. Building Credit For Your Business

Young businesses can often have a hard time applying for a loan if both the business and owner don’t have a strong credit history. If you are planning to apply for financing, taking out a smaller loan and making regular on-time payments will build your business’s credit for the future.


There are numerous possibilities for growing your business. As you plan for growth, financing is a major component in the next steps. Empire State Bank is a community leader in providing products, services and expertise to boost the small businesses in our communities. If you’re ready to take your business to the next level, call (877) 413-6557 to talk to your Business Relationship Manager about your financing options.

Financial Highlights

Our mission of providing financial services in the greater New York area is growing. Within our strategic framework, we focus on sustainable growth. Our capital ratios remain strong and positioned for growth. For the full financial results, please visit:

Loan Balances





Deposit Balances





Net Income Before Taxes





Net Income After Taxes





Operating Expenses





Total Capital





Our Team

We are passionate, driven and focused. We strive for excellence and love what we do. We provide personalized service and community connection to each customer, every time. We are proud to announce our newest promotions and new team members who have joined us in our mission to provide a total banking experience.


Cecilia Cheung
Sales Associate

New Team Members

Lucy Luhua

Victoria Molinari

Community Connections

Connected to Our Communities

Our culture is built on making a difference in the community through personal connection. What sets us apart is that we understand the needs of businesses and families. We are truly invested in our community – we live here, shop local and give back to those in need. We believe it is important to be connected and actively involved in our communities. To learn and see more about Empire State Bank’s involvement in the community, please like and follow us on Facebook.

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Your Local Community Partners

As members of the Orange County Chamber of Commerce we are making a positive impact on our local economy. Empire State Bank team pictured from left to right: Annmarie Dwyer, AVP/Branch Manager; Lisa Gariolo SVP/Chief Retail & BSA Officer and Douglas Stainton, SVP/Chief Credit Officer

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Spreading Holiday Cheer

The newly formed New Dorp BID held their annual Holiday Festival for the business corridor introducing many new activities. We spread holiday cheer with our very own Holiday photo booth. Families lined up at to have their very own pictures taken with Santa and the Elf on the Shelf.



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Community Window Art

During the fall season, the Bay Ridge Community Council hosts the annual Art Window Painting Contest. The students enjoy working together and look forward to this event every year. We invited the students to paint their Halloween inspired paintings on each of our windows.



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Brooklyn Small Business Expo

Empire State Bank supported the Brooklyn Chamber of Commerce’s annual business to business expo to provide an opportunity for small businesses and individuals to learn about the different programs available and how to start and grow their businesses.

Contact Us

Customer Services

For assistance with products or services, call 1(800)331-3036, visit a local Empire State Bank office, visit our website at, or write by mail to: Corporate Headquarters: 68 North Plank Road, Newburgh, NY 12550, Telephone: 845-561-0003

Investor Services

Financial information about ES Bancshares, Inc. can be accessed by visiting the Investor Relations website at

Transfer Agent

American Stock Transfer & Trust Company LLC
6201 15th Avenue,
2nd Floor
Brooklyn, NY 11219
Tel (800) 937-5449 (inquiries)
Tel (718) 921-8124 (services)

ES Bancshares, Inc.