BALCONY, the Business and Labor Coalition of New York, is urging lawmakers to approve the state’s proposed 2010-2011 budget, which contains a $50-million small business loan fund.
The group says that the fund would provide enough loan capital to help 1,000 small businesses and give encouragement to entrepreneurs interested in forming a company.
“Providing small businesses with access to capital in New York State is critical,” said Bruce Ventimiglia, co-chair of BALCONY and chairman and president of Saratoga Capital Management. “Not only would the fund encourage growth in the small business sector, but it would also create badly needed jobs for New Yorkers.”
BALCONY says that small businesses with fewer than 100 employees make up 98 percent of all New York companies and are responsible for half of all jobs in the state.
The state’s budget has been stalled since lawmakers missed the original budget deadline of April 1. Since then, lawmakers have used a series of one-week spending bills to keep the state government running. Governor David Paterson has set a June 28 deadline for budget negotiations.
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