NYCEDC Launches Initiative Designed to Support Local Businesses

 

The NYC Capital Access Loan program provides micro and small business owners and lenders a streamlined method to obtain up to a 40% guarantee for qualified loans and lines of credit up to $250,000. The program uses an expedited eligibility review by having lenders use their own credit decision process and loan documentation. This ensures faster access to financing.

Capital Access Program Brochure (240 KB) BENEFITS: Credit Enhancement for qualified loans Better access to competitively priced loans Access to a network of business lenders Referral to small business counseling and training programs ELIGIBLE BORROWERS Financing is available for retailers, manufacturers, wholesalers, non-profit organizations, contractors and distributors. Applicants must be located and conducting their business in New York City. ELIGIBLE USES Loan proceeds should be used for working capital, leasehold improvements and equipment purchases. Some micro-lenders will consider start-up loan applications.     INTEREST RATES Interest rates are negotiated between the borrower and the lender. COLLATERAL Lenders’ normal collateral policies and procedures will apply to the Capital Access guaranteed loans. HOW TO APPLY Applications are made directly to the lender. The lender will review the application and determine eligibility for a Capital Access guarantee. Contact any of the lenders listed below. LOANS OF $5,000 TO $250,000 CitibankAny New York City branch     Nonprofit Finance Fund (not-for-Profit borrowers only) (212) 868-6710 www.nonprofitfinancefund.org         Seedco Financial Services (212) 204-1300 www.seedcofinancial.org         LOANS OF UP TO $100,000 Accion USA, Inc. (Maximum Loan: $50,000)(212) 387-0494 www.accionusa.org     Brooklyn Cooperative Federal Credit Union (718) 418-8232 www.brooklyn.coop          FURTHER ASSISTANCE NYC Business Solutions is a suite of services offered by the New York City Department of Small Business Services. NYC Business Solutions can help with Business Planning, Business Courses (including FastTrac), Financing Assistance, Navigating Government, Hiring Employees, Training Employees, Selling to the Government, Accessing Incentives, and Emergency Assistance.   RELATED LINKS NYC Business Resources Explore our listing of other agencies that can help your business grow in NYC.Explore NYC Learn more about the five boroughs and discover some of what the City offers.   PUBLICATIONS NYCVISION View this newsletter outlining NYC economic development initiatives.Economic Snapshot Read our newsletter highlighting NYC employment, consumer spending, real estate and more.