Rafael “Ray” Salaberrios serves as Senior Vice President for Capital Access within Empire State Development’s Division of Small Business and Technology Development (SBTD). In this role, he oversees a broad portfolio of economic development and small business financing initiatives designed to expand access to capital, stimulate private investment, and support economic growth throughout New York State.
Ray leads the administration and deployment of New York State’s State Small Business Credit Initiative (SSBCI) debt programs. SSBCI is a federal initiative administered by the U.S. Department of the Treasury that strengthens state programs supporting private financing for small businesses. Under Ray’s leadership, ESD’s Capital Access team has deployed and leveraged approximately $94.3 million in SSBCI capital to support more than 4,014 small business financing transactions totaling over $297.6 million in public and private financing activity. These transactions included loan guarantees, credit enhancements, interest rate reductions, and other capital access initiatives designed to expand private lending and improve financing opportunities for New York State small businesses.
In addition to SSBCI, Ray oversees several major financing programs within ESD’s portfolio, including the Metropolitan Economic Revitalization Fund (MERF), a $40 million revolving loan fund that supports large-scale, job-creating economic development projects, and the Job Development Authority (JDA), which provides direct lending and bond financing to eligible manufacturing and commercial enterprises across New York State. JDA is authorized to issue up to $750 million in special purpose bonds to support business expansion and economic development initiatives.
Ray also oversees New York State’s $500 million Linked Deposit Program (LDP), which has supported 1,501 transactions totaling approximately $760.9 million in financing for manufacturers and small businesses statewide by lowering borrowing costs and improving access to affordable capital. The program serves as a key tool in enhancing business competitiveness, supporting expansion, and strengthening regional economies throughout New York State.
Collectively, the programs within Ray’s portfolio have facilitated more than $1.05 billion in financing activity supporting CDFIs, small businesses, manufacturers, and economic development initiatives across New York State.
Prior to his current role, Ray served as Senior Director for Economic Revitalization within ESD’s Community Economic Development Department, where he managed initiatives focused on generating economic activity and investment in distressed communities throughout New York State.
Before joining Empire State Development, Ray served as President of the Bronx Overall Economic Development Corporation (BOEDC). Working under contract with the Office of the Bronx Borough President, BOEDC spearheaded major revitalization initiatives throughout the Bronx and provided technical assistance, business development services, and strategic support to entrepreneurs and businesses across the borough.
Ray holds a bachelor’s degree in Economics from Lehman College.