Gov. David A. Paterson on Wednesday announced the creation of a $50 million Small Business Revolving Loan Fund for minority and women-owned enterprises and other entrepreneurs having difficulty accessing regular credit markets.
Supported by $25 million in state funding, the program is expected to leverage $25 million in private matching funds from selected lending institutions. In a release, Paterson said the fund was discussed in his 2010 State of the State address and funding for it was included in his 2010-2011 Executive Budget.
The Small Business Revolving Loan Fund will be targeted to businesses throughout the state — mom and pop, retail, service and manufacturing businesses. New startups also may be eligible if certain conditions are met, such as having a credible business plan, collateral and a track record of other business success.
Program loans may be used for working capital, acquisition and or improvement of real property, machinery or equipment purchases or for refinancing debt obligations. A small business is defined as resident in New York State, independently owned and operated, not dominant in its field and with 100 or fewer employees.
For more information visit www.empire.state.ny.us/SmallBusiness.html.