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.
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