Minority and Women Revolving Loan Trust Fund Program

Objective

The Minority and Women Revolving Loan Trust Fund Program was created by the State of New York in 1995 and is administered through ESD for the purpose of making low-cost financial assistance available to minority- and women-owned businesses that are unable to access traditional financial services. 

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Overview

Overview

ESD's goal is to help startup minority- and women-owned business enterprises (MWBEs) grow and flourish in today’s economy. To date, ESD has capitalized loan pools totaling more than $3.5 million for community-based economic development organizations located throughout the state. These organizations administer the Minority and Women Revolving Loan Trust Fund Program at the local level and provide working capital loans of up to $35,000 and fixed asset loans of up to $50,000.  

The organizations also provide related technical assistance services to MWBEs to help these businesses survive and grow, such as:

  • Assistance with completion of loan applications 
  • Business plan development
  • Mentorship and peer group programs
  • Credit union services (where available)

Eligibility

  • Loan applicants must be small and high-risk for-profit businesses that are MWBEs with no more than $100,000 in annual gross revenues.
  • Ineligible uses of program funds include refinancing debt, residential construction or renovation (unless pursuant to a government-sponsored project), payment of tax or employee benefit arrearages, projects of newspapers, broadcasting, news media, medical facilities, libraries, community centers, or public infrastructure.

How to Apply

Please contact the organization nearest to you as listed below:  

NEW YORK CITY REGION
Bronx Overall Economic Development Corporation
Mr. Michael Nixon, Credit Analyst/Compliance Officer
851 Grand Concourse 
Bronx, New York 10451
Tel: (718) 590-8310
Fax (718) 590-3499
Website: www.boedc.org
Email: mnixon@boedc.org
Service Area: Community Boards #s: 1 thru 4, 7, 8, 11&12 (Bronx County) 

Local Development Corporation of East New York 
Ms. Sherry Roberts, Executive Director
80 Jamaica Avenue - 3rd Fl. 
Brooklyn, New York 11207
Tel: (718) 385-6700 x11
Fax: (718) 385-7505
Website: www.ldceny.org
Email: sdroberts@aol.com
Service Area: Williamsburg, Greenpoint, Bushwick, East New York & Brownsville (Kings County)

Greater Jamaica Local Development Corp.
Aron Kurlander, Director of Business Services
90-04 161st Street 
Jamaica, New York 11432
Tel: (718) 291-0282
Fax: (718) 291-7918
Website: www.gjdc.org
Email: akurlander@gjdc.org
Service Areas: South Jamaica, Hollis, Queens Village, St. Albans, Springfield Gardens & Laurelton, Southeast Queens (Queens County)

Washington Heights and Inwood Development Corp. 
Mr. Dennis Reeder, Executive Director
57 Wadsworth Avenue 
New York, New York 10033
Tel: (212) 795-1600
Fax: (212) 781-4051
Website: www.whidc.org
Email: whidc@aol.com
Service Area: Upper Manhattan (New York County) 

MID-HUDSON REGION
Orange County Chamber of Commerce
Casey Meier
30 Scott's Corner Drive
Montgomery NY 12549
Tel: (845) 457-9700
Website: www.orangeny.org
Email: caseym@orangeny.org
Service Area: Orange County

CAPITAL REGION 
Albany-Colonie Regional Chamber of Commerce 
Christine Thompson
5 Computer Drive South 
Colonie, New York 12205
Tel: (518) 431-1417
Fax: (518) 431-1477
Website: www.acchamber.org
Email: cthompson@capitalregionchamber.com
Service Area: Albany County 

CENTRAL NEW YORK REGION 
Syracuse Cooperative Federal Credit Union
Mr. Ron Ehrenreich, Treasurer & CEO
723 Westcott Street                                              
Syracuse, New York 13204
Tel: (315) 471-116 x201   
Fax: (315) 476-0567 
Website: www.cooperativefederal.org
Email:  ronehrenreich@coopfed.org
Service Area: City of Syracuse (Onondaga County) 

SOUTHERN TIER REGION 
Tompkins County Area Development
Ms. Ina K. Arthur
200 East Buffalo Street - 
Suite 102A
Ithaca, New York 14850
Tel: (607) 273-0005
Website: www.tcad.org
Email:  info@tcad.org
Service Area: Tompkins County

WESTERN REGION 
Buffalo Urban League, Inc.  
Mr. James Smith, Vice President of Finance
15 E. Genesee Street 
Buffalo, NY  14203
Tel: (716) 854-7625   
Fax: (716) 854-8960
Website: www.BuffaloUrbanLeague.org
Email:  jsmith@BuffaloUrbanLeague.org
Service area:  Erie and other Western NY counties