New Loan Fund For Small Businesses in New York City
Small Businesses Working on Public and Private Sector Construction Contracts Eligible to Access Capital
NEW YORK - February 11, 2014 - The New York City Department of Small Business Services (SBS), Goldman Sachs 10,000 Small Businesses, BOC Capital Corp. and the Surdna Foundation announced a new source of capital for small businesses in New York City that have secured work on public or private construction contracts.
Through $3.5 million in funding from Goldman Sachs 10,000 Small Businesses and Surdna Foundation to BOC Capital Corp, small business owners in New York City will be able to access capital to finance construction contract expenses and grow their businesses. This mobilization loan fund will also target contractors working with the City’s Build It Back program— which helps eligible homeowners and landlords rebuild homes that were damaged by Hurricane Sandy—to provide them with an additional option for financing recovery work.
In order to be eligible for the new loan funds, businesses must: be in operation for at least 2 years and planning to grow; earn revenues between $100,000 to $7 million; employ a minimum of two (2) permanent or temporary employees; have already secured a construction contract; and be authorized to do business in the New York metropolitan area.
Loan applicants should contact their local NYC Business Solutions Center, which provides free services to help businesses in New York City start, operate, and grow. The Centers are located in all five boroughs and have relationships with a variety of alternative lenders, to help connect small businesses with capital. Other available services include business courses, recruitment, pro-bono legal assistance, help navigating government, and more.
For more information on alternative lending options and how to apply, visit www.nyc.gov/nycbusiness, call 311, or visit an NYC Business Solutions Center.
APPLICATION INFORMATION: LOANS FROM BOC CAPITAL TO COVER UPFRONT CONTRACT-RELATED LABOR AND EQUIPMENT COSTS