New York Governor unveils $50M small business loan fund

Despite continued debate over its budget for next year, the state of New York has created a $50-million small business loan fund, which officials say will encourage entrepreneurs interested in forming a company and give existing companies funding to expand their operations.

The loan fund will be open to any small business located in the state that has fewer than 100 employees. Startups will be able to receive funding if they provide collateral and a credible business plan. Priority will also be given to women- or minority-owned firms.

“A more diverse and competitive business climate will mean more jobs and more money in the pockets of hardworking New Yorkers,” said New York Governor David Paterson.

The state will contribute $25 million to the fund, while private funds from lenders will provide the other half of the money.

The program already has the endorsement of business associations in the state. Last month, BALCONY – the Business and Labor Coalition of New York – said that the $50 million would be enough to help more than 1,000 small businesses.ADNFCR-3052-ID-19883959-ADNFCR

Melissa Clark
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Melissa Clark

Head of Content & Customer Marketing at Incfile
Melissa sets the vision for Incfile's content marketing and customer relationship management. Melissa has more than 10 years experience in various marketing roles, and a passion for supporting small businesses as they incorporate and grow. She loves sharing information that will help business owners maximize their LLCs, Corporations and Nonprofits. In her spare time, Melissa is an active member of The Junior League and enjoys running half marathons.
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