Five lending institutions have partnered with New York State to make available $20 million in short-term financing to minority and women-owned businesses (M/WBEs).
On March 24, Gov. Andrew Cuomo announced the launch of the "Bridge to Success" loan program, which will make available two-year loans of up to $200,000 to qualified M/WBEs for the hiring of staff or the purchase of materials and equipment required for a state contract.
"Small businesses are the engine of New York's economy, but because of their size they have a harder time getting the capital they need to compete for state contracts," the governor said. "To encourage their full participation in rebuilding our economy, the 'Bridge to Success' program will help more small businesses access short-term loans so they can do business with New York?s agencies and authorities. Supporting M/WBEs is one more way we're expanding economic opportunity for all New Yorkers."
The Empire State Development corporation is providing $2.73 million in loan loss reserves to the state's lending partners. The lenders participating in the program are New York Business Development Corp (NYBDC), State Employees Federal Credit Union (SEFCU), Tompkins Mahopac Bank, TruFund Financial Services (TruFund), and Carver Federal Savings Bank.
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