Community Development Financial Institution (CDFI) Revolving Loan Fund Program
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.
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.
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]