Partnership helps M/WBEs access capital for MTA contracts
Published on 10/07/2013
Empire State Development (ESD) is partnering with the Metropolitan Transportation Authority (MTA) and Carver Federal Savings Bank to help expand the Small Business Mentoring Program and improve small businesses' ability to access loan capital in New York.
ESD's contribution will enable Carver Bank to increase both lending opportunities and the size of loans, which can now be as much as $900,000. Previously, the loans, which are issued by Carver Federal Savings Bank, had been capped at $150,000.
"This partnership among ESD, MTA and Carver Federal Savings Bank will boost our efforts to increase the participation of M/WBEs and small businesses in state contracting,quot; Governor Cuomo said. quot;By easing access to loan capital and providing mentorship opportunities, small businesses and M/WBEs will have a greater chance at growing and succeeding, leading to more jobs and revenue to benefit the whole state. We are pleased to offer this expanded program and welcome interested companies to apply.quot;
The mentoring program is aimed at expanding the pool of companies that can compete for MTA construction contracts by providing assistance to local minority-owned, women-owned and/or disadvantaged firms. It provides mentoring services, training, surety bonding services, and access to capital for businesses that can face challenges using traditional funding sources.
