Bridge to Success Loan Program

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Objective

Objective

What is the “Bridge to Success” Loan Program?
The “Bridge to Success” Loan Program aims to provide qualified Minority and Women-owned Business Enterprises (MWBEs) with access to short-term bridge loans necessary to execute contracting opportunities across New York State.  Participating lenders are incentivized to increase lending under the “Bridge to Success” Loan Program through Empire State Development’s (ESD) Loan Loss Reserve Fund. This fund of $2.73 million will mitigate the risks that “Bridge to Success” Lenders may take on.

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Overview

Overview

Short-term loans are available to qualified MWBEs to boost their ability to participate in contracting opportunities with New York State.

  • Loans typically range from $75,000 to $200,000
  • Lending periods up to 24 months.
  • Participating lenders make credit decisions and determine interest rates and applicable fees
  • Bridge to Success lenders receive ESD incentive funds to stimulate lending and take on any additional loan risk
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Eligibility

Eligibility

Only New York State–certified minority- and/or women-owned business enterprises (MWBEs) are eligible. Credit terms and decisions are determined by the participating lenders. Learn more about becoming a certified MWBE.

How to Apply

To apply, contact one of the following participating lenders. For program questions, please call the NYS MWBE Resource Line: (855) ESD-4MWB (855-373-4692).

New York Business Development Corp (NYBDC)
Steven Willard, Senior Vice President
Phone: 518-694-8552
Email: swillard@nybdc.com
Web: www.nybdc.com
Available Statewide

SEFCU
Teri Kappler, Business Solutions Advisor
Phone: 866-733-2880 x6005
Email: tkappler@sefcu.com
Web: www.sefcu.com
Available in Western NY, Finger Lakes, Southern Tier, Central NY, Mohawk Valley & Capital District

Tompkins Mahopac Bank
Gary Solomon, Assistant Vice President, Small Business Lending
 Phone: 845-278-1027
 Email: gsolomon@TompkinsFinancial.com
 Web: www.mahopacbank.com
 Available in Mid-Hudson only

TruFund Financial Services, Inc.
Aisha Benson, Senior Vice President, New Markets Tax Credits/NY Managing Director
Phone: 646-732-9919
Email: abenson@trufund.org
Web: www.trufund.org
Available in Mid-Hudson & Long Island

Carver Federal Savings Bank
Steven Berrios, Commercial Loan Officer
Phone: 718-230-2900
Email: businesslending@carverbank.com
Web: www.carverbank.com
Available in New York City only