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 to eligible New York State small and mid-sized businesses.  Small businesses new at exporting can apply for loans of up to $100,000, and for more seasoned exporters, loans of up to $500,000 are also available under the Program.

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 loans up to $500,000:

  • Small and medium sized business 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 loans up to $100,000:

  • Small business with 100 or fewer employees, not dominant in its field
  • Businesses must be headquartered in NYS
  • Has exporting operations in place, or has new exporting initiative to be deployed within a year, or expanding into new export markets
  • Start-ups, born digital businesses shipping good abroad
  • Third party ecommerce platform-based business operator selling globally
  • NYS direct exporters or large suppliers to exporters
  • Real estate acquisition or improvement for exporting use
  • Development of export business plan or product adaptation for exporting
  • Term loans and Lines of Credit are eligible
  • Interest rate for this Program is under 8% per annum

For the Distilled and Fermented industry zero interest loans:

  • For-profit business located in New York State, with 500 or fewer employees
  • Be in existence for at least three years by date of application
  • Be licensed by the NYS Liquor Authority to produce distilled and/or fermented beverages
  • Export to foreign markets or plan to start exporting to foreign markets in the next year
  • 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.

 

Participating Lenders

For export loans up to $500,000, companies must apply directly through participating lenders.

Participating Lenders

Pursuit Lending
Paola Garcia, VP
P: (212) 430-4517
E: [email protected]
Coverage:  Statewide

Development Authority of North Country         
Michelle Capone, Director of Regional Development
P: (315) 661-3200
E: [email protected]
Coverage:  Jefferson, Lewis, St. Lawrence, Clinton, Essex, Hamilton and Franklin Counties

Southern Tier West
Halley Kottwitz, STEDO Administrator
P: (716) 945-5301 x2207
E: [email protected]
Coverage: Chautauqua, Erie, Niagara, Cattaraugus, and Allegany counties

For export loans up to$100,000, companies must apply directly through participating lenders.

Participating Lenders

Pursuit Lending
Paola Garcia, VP
P: (212) 430-4517
E: [email protected]
Coverage:  Statewide

Renaissance Economic Development Corp.
Jessie C. Lee, Managing Director
P: (212) 964-6022
E: [email protected]
Coverage:  NYC

Additional Information

For other inquiries, or interested lenders, please contact: Ms. Huey-Min Chuang, Senior Director of Business and Economic Development, (212)-803-3238; [email protected].

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; [email protected].