Community Development Financial Institution (CDFI) Revolving Loan Fund Program

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Objective

Objective

New York State is committed to helping small businesses. The Community Development Financial Institution (CDFI) Revolving Loan Fund Program provides microloans up to $25,000 to targeted small businesses in New York State.

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Overview

Overview

Microloans are available to eligible New York State small businesses.

- Microloans up to $25,000

- Loan proceeds may be used for working capital needs and fixed assets purchases.

- The interest rate can range from 3-8% depending on the lender.

- 10% equity contribution is required from the small business borrower.

- Participating lenders make credit decisions and determine applicable fees and loan terms.

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Eligibility

Eligibility

The small business must be located in New York and do business in New York

- The small business must be independently owned and operated.

- The small business must employ 100 or fewer persons on a full-time basis.

How to Apply

To apply, contact one of the participating lenders:

Long Island
La Fuerza Unida Community Development Corporation

Phone: (516) 922-8100
Email: [email protected]

Mohawk Valley – Oneida and Herkimer Counties
Utica Industrial Development Corporation

Tim Fitzgerald, Associate Vice President
Phone: (315) 338-0393
Email: [email protected]

New York City – Bronx County
South Bronx Overall Economic Development Corporation, Credit Inc.

Mary Olushoga, Director, Capital Access
Phone: (718) 732-7538
Email: [email protected]

New York City – Kings County
Brooklyn Alliance Capital

Stevenson Joseph, Director
Phone: (718) 875-1000 ext. 133
Email: [email protected]

Southern Tier, North Country and Capital Region
Pursuit

Wesley Slyke, Senior Business Development Officer
Phone: (518) 2096498
Email: [email protected]