Empire State Development (ESD) has issued a Request for Proposals (RFP) for the New York State Minority and Women Revolving Loan Trust Fund, a program designed to make low-cost financial assistance available at the local level to minority and women-owned businesses (MWBEs).
“The Minority and Women Revolving Trust Fund builds on New York State’s commitment to increasing capacity and opportunity for MWBE businesses and entrepreneurs, “ said ESD President, CEO & Commissioner Howard Zemsky. “A healthy economy is one that is accessible and inclusive, and the Minority and Women Revolving Trust Fund will help businesses get the financing, tools and resources they need to meet their full potential.”
ESD invites eligible applicants to administer a Minority and Women Revolving Loan Trust Fund (MWRLTF) Account of up to $250,000 for the Capital, Mohawk Valley, North Country, Central New York, Finger Lakes, Southern Tier and Western New York regions. The MWRLTF will provide working capital loans of up to $35,000 and loans of up to $50,000 for the acquisition of real property, machinery and equipment to help MWBEs grow and succeed. Local and community-based economic development professionals will be responsible for processing loan applications, and for making and administering MWRLTF loans, providing a valuable tool to enhance broad- based community economic development.
ESD will balance individual application scores with priorities for geographic distribution. The evaluation criteria will include the following:
- Track record of small business lending in the State, especially in underserved communities and to MWBEs that have difficulty accessing traditional credit markets
- The applicant’s ability to demonstrate a strong lending base, underwriting capacity, and deal-sourcing capacity
- The applicant’s capacity to illustrate a strategic plan and describe how ESD’s assistance will help the grantee achieve this plan
- The applicant’s operating budget and institutional capacity for using grant funds effectively
- Organizational capacity and stability
- Completeness of the proposal
- Demonstrated ability to comply with the section II and other terms and conditions of this Request for Proposals
Responses are due by 3 p.m. on Tuesday, June 6, 2017. All questions, comments, requests for clarification or any other communication regarding this Request for Proposals should be submitted in writing no later than May 25, 2017, by email to: [email protected]
The RFP and additional information is available on the Empire State Development website here.
The Minority and Women Revolving Trust Fund builds on New York State’s ongoing efforts to support capacity and opportunity for MWBE businesses and entrepreneurs. Earlier this month, Governor Cuomo announced the creation of the MWBE Business Growth Accelerator and Certification Assistance programs, two new business enterprise programs designed to increase capacity and ensure MWBE participation in State contracting. First announced during the Governor’s 2017 State of the State address, the new initiatives will support the growth and momentum of MWBEs across the state, and will be overseen by Empire State Development’s Division of Minority and Women’s Business Development.
About Empire State Development
Empire State Development (ESD) is New York’s chief economic development agency (www.esd.ny.gov). The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo’s Regional Economic Development Councils and the marketing of “I LOVE NEW YORK,” the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.
Contact:
Amy Varghese (ESD) | [email protected] | (212) 803-3740
ESD Press Office | [email protected] | (800) 260-7313