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NYC launches new M/WBE loan program
Published on 03/27/2017

New York City is launching a new revolving loan program aimed at helping minority and women-owned businesses (M/WBEs) obtain low-interest financing.

Through the $10 million Contract Financing Loan Fund, M/WBEs can obtain loans of up to $500,000 with flexible repayment plans and a capped interest rate of three percent.

"Our city reaches its greatest socioeconomic potential when every New Yorker, regardless of race, gender or ethnicity, have the tools and support they need to succeed in our economy," said Mayor Bill de Blasio. "Today, my team is following up on a commitment announced in September by launching a low-interest Contract Financing Loan Fund that will help minority and women-owned businesses get their foot in the door, as well as sustain and grow their businesses."

In order to apply for a loan from the Fund, a company must be recognized by the City as an M/WBE or other small City contractor that are bidding on or are already performing work on a contract for New York City.

New York City has also implemented a simpler, more streamlined M/WBE certification process in an effort to expand the pool of firms that are eligible to work on city contracts.

For more information on the Contract Financing Loan Fund, visit nyc.gov/contractfinancing.

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