Global NY Fund Loan Program

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Objective

Objective

The Global NY Loan Fund is open to New York State companies seeking financing to create or expand direct exports, or to serve as suppliers to larger exporters. Loans are available to purchase equipment, inventory, working capital to support foreign accounts receivable, export lines or credit, or long-term financing. ESD is also offering interest-free loans for Distilled and Fermented Beverage industry businesses to promote New York State’s thriving beverage industry on a global scale.

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Overview

Overview

The Global New York Loan Fund Program is a partnership with participating lenders to provide export financing of up to $500,000, for each transaction; or an aggregate of $1,000,000 to eligible New York State small and mid-sized businesses.   

ESD is also offering interest-free loans of up to $50,000 for Distilled and Fermented Beverage industry businesses to promote New York State’s thriving beverage industry on a global scale. Companies must apply to ESD for these loans. 

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Eligibility

Eligibility

For Global New York Loan Fund Program – Loan Loss Reserve:

  • Small and mid-sized businesses with fewer than 500 employees with primary business in NYS
  • NYS direct exporters or large suppliers to exporters are eligible
  • At least 51% of export finished product value added in NYS
  • Lender determines loan terms (fees, interest rates, repayment schedules, etc.)
  • Term loans and Lines of Credit are eligible
  • Financing up to $500,000 for each transaction; aggregate of $1,000,000 per eligible business
  • No loans can exceed 10 years
  • No unguaranteed portions of EXIM or SBA loans, but Foreign Credit Insurance allowed to be leveraged

For the Distilled and Fermented industry zero interest loans:

  • For-profit businesses that are located in New York State, with 500 or fewer employees
  • Business must have been in existence for at least three years by date of application
  • Business must be licensed by the NYS Liquor Authority to produce distilled and/or fermented beverages
  • Must export to foreign markets or plan to start exporting to foreign markets in the next year
  • Must have a plan to utilize a zero-interest loan to increase export capacity (could include purchasing machinery and equipment, developing export marketing plans, website translation, product adaptation and market certification)

How to Apply

To apply for export financing:

  • Small and mid-sized businesses should meet Program eligibility and work with a participating lender for underwriting and credit assessment. 
  • Borrower submits financing requests directly to a participating lender who has the ultimate say on whether credit will be provided. 
  • When credit is made to eligible exporting small business, participating lender enrolls the transaction into the Program, and receives a 10% loan loss reserve from the Global New York Loan Fund. 
  • In the event of a default, the Program pays first loss on the financing.  The aggregate Program loan loss reserve is pooling and cumulative for the lenders.
  • Interested businesses are also encouraged to invite their existing lending relationships to participate in the Global New York Loan Fund Program in support of their global growth through exports.  There is no cost to access the 10% loan loss reserve under this Program.

For export loans, companies must apply directly through participating lenders.

Current List of Participating Lenders:

Development Authority of North Country        
Michelle Capone, Director of Regional Development
P: (315) 661-3200
E: mcapone@danc.org
Coverage:  Jefferson, Lewis, St. Lawrence, Clinton, Essex, Hamilton and Franklin Counties

Excelsior Growth Fund
Paola Garcia, AVP
P: (212) 430-4517
E: pgarcia@NYBDC.com
Coverage: Statewide

Hab Bank
Mr. Zilay Wahidy, EVP
P: (212) 532-4444 x303
E: zwahidy@habbank.com
Regions Covered: Statewide

New York Business Development Corporation
Paola Garcia, AVP
P: (212) 430-4517
E: pgarcia@NYBDC.com
Coverage: Statewide

Southern Tier West
Halley Kottwitz, STEDO Administrator
P: (716) 945-5301 x2207
E: HKottwitz@southerntierwest.org
Coverage: Chautauqua, Erie, Niagara, Cattaraugus, and Allegany counties

Contact information:

For other inquiries, or interested lenders, please contact: Ms. Huey-Min Chuang, Senior Director of Business and Economic Development, (212)-803-3238; Huey-Min.Chuang@esd.ny.gov

For interest-free loans from ESD for Distilled and Fermented Beverage industry businesses, apply directly to ESD . For more information, contact Huey-Min Chuang, Senior Director of Business and Economic Development, (212)-803-3238; Huey-Min.Chuang@esd.ny.gov.