teal background with semi opaque gold design. "Capital Access" in white with the ESD logo in white

Small Business Week Spotlight: Capital Access

Capital Access ensures that small businesses across New York are able to secure loans and other financing instruments to grow and sustain their businesses. From working capital to commercial mortgages, Capital Access manages a suite of programs helping Main Street business, manufacturers, and other small and medium sized businesses thrive in communities all over the state.  

While Capital Access manages many programs to support small businesses, a few key opportunities include:  

  • Linked Deposit Program – Helps existing New York State firms obtain reduced-rate financing of 2-3% so they can undertake investments to improve competitiveness, develop new products, introduce new technologies, modernize equipment, or carry out a renovation. 
  • New York Forward Loan Fund – Simple and business-friendly loans of up to $150,000 for small businesses to make payroll, pay utilities or rent, purchase supplies and equipment, make building renovations, and more.  
  • Contractor Financing Program – Provides capital to help contractors successfully execute contracts and ease timing of payments from government agencies or municipalities to small businesses 

You can learn more about all of Capital Access’s programs helping small businesses on ESD’s Small Business website

Success Stories

Company: MME Construction Services LLC
Owner: Melissa Edwards 
MME Construction Services LLC, a small business based in New York City, specializes in construction services and contracting. ESD connected MME Construction Services LLC to the Greater Jamaica Development Corporation (GJDC), one of the participating lenders in the Contractor Financing Program. GJDC met Melissa Edwards, owner of MME Construction Services, at a sponsored event for small businesses to bid on JFK opportunities and assisted the company with a short-term line of credit. With the approval of a $20,000 line of credit, MME Construction Services LLC successfully performed on their MTA contract worth $33,439, covering material and labor costs. After completing the initial contract and repaying the loan, the company secured a larger MTA contract opportunity worth $239,150. ESD, through GJDC, provided an additional $80,000 loan to support this growth, demonstrating its commitment to creating access to capital for New York State contractors. 

Company: Richard Sears Tree Experts 
Owner: Richard Sears 

Richard Sears Tree Experts provide commercial and residential tree removal services in Queensbury New York. The company recently secured a contract with National Grid to provide tree services around power lines and clear debris resulting from storms, necessitating the hiring of a new crew and the purchase of additional equipment to support this new revenue stream and future growth opportunities. With the help of ESD's Linked Deposit Program, the company was able to finance the purchase of new trucks, including two bucket trucks and an additional truck with a crane. This equipment was essential for the company to fulfill its new contract with National Grid and expand its services. With the help of the LDP, Richard Sears Tree Experts was able to hire the new employees needed to provide services under the new contract. 

Company: Charles J. Husted, Inc. 
Owner: Charles J. Husted 

Charles J. Husted, Inc., based in Mt. Upton, New York, plays a critical role in the dairy industry by transporting milk from state farms to processing facilities across the Northeast. This essential service facilitates the timely and efficient delivery of fresh milk, essential for maintaining the supply chain in the dairy market. The company has been experiencing increased demand for its services, requiring an expansion of its fleet to remain competitive in the growing market. To attract truck drivers and operate more efficiently, Charles J. Husted, Inc. needed to purchase new trucks and trailers. With the help of ESD's Linked Deposit Program, the company was able to purchase six new trucks and twelve new trailers. This new equipment will increase the company's capacity, allowing them to keep up with the growing demand for their services.