Working capital does not need to be a limiting factor in your business growth.
New York State has a program available to minority or women-owned small businesses to help with much needed, short term financing.
Empire State Development’s (ESD) “Bridge to Success” program is one that we are proud to support and recommend.
The “Bridge to Success” program dramatically increases lending opportunities for minority or women business enterprises (M/WBEs) that are looking to capitalize on the (up to $1 billion in) contracting opportunities available through the state.
As the regional chamber of commerce focused on increasing jobs and private sector investment, this program represents a unique opportunity for our members to take on business that they otherwise would not be able to apply for.
The program does the following:
- Provides bridge loans through four participating lenders who are making a total of $20 million available in much needed, short-term, working capital loans for qualifying MWBEs.
- Helps to overcome common barriers to credit for small businesses, including the short-term nature of their capital need and the size and experience of many companies.
- Provides $2.73 million (from ESD) in loan loss reserves to encourage increased lending in this area and enables participating lenders to mitigate risk.
Loans are typically between $75,000-$200,000, but other loan amounts could be entertained. The loan term is typically eight to 18 months.
Since its roll out in the second quarter of 2014, “Bridge to Success” has approved in excess of $4.7 million in small business loans to New York State MWBE contractors.
Due to it’s success, we encourage eligible Partnership member companies to take advantage of the program.
For more information, please contact: NYS MWBE Resource Line at 855/ESD-4MWB (855/373-4692) or visit the website.