Areas Served: New York City
Provides up to a 40 percent guarantee on loans for qualified New York City micro (under 20 employees) and small (21-100) businesses experiencing difficulty in accessing loans.
The benefits of participation are: – 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 Interest rates are negotiated between the borrower and the lender.
The Lenders’ normal collateral policies and procedures will apply to the Capital Access guaranteed loans.
ELIGIBILITY 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 include loan proceeds that are used for working capital, leasehold improvements and equipment purchases.
Some micro-lenders will consider start-up loan applications.
Contact InformationNew York City Economic Development Corp
Address: 110 William Street
City: New York
State: New York
Website:
http://www.nycedc.com/FinancingIncentives/Financing/NYCCapitalAccessLoanGuarantyProgram/Pages/NYCCapitalAccess.aspx
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