The New York State Contractor Financing Program (“Program”) will provide $22 million in State Small Business Credit Initiative (SSBCI) funding for loan loss reserves to incentivize lending intermediaries to create access to capital to support New York State contractors.  

The Program will provide capital to help contractors successfully execute contracts and ease timing of payments from agencies or municipalities to small businesses, socially and economically disadvantaged individual (“SEDI”)-business owners, businesses in distressed census tracts, and MWBEs. 

Participating lenders can use loan loss reserves to issue government contract-related loans via lines of credit, or managed lines of credit that they otherwise would not underwrite.  

Loans can be used for contract project deployment, advances against inventory, construction costs, purchase orders, managing payables and receivables, contract finance costs, and working capital to support contractors working on a government-funded project in New York State. 

• Program Lenders generally target contractors with revenues of up to $5 million with fewer than 100 employees.  
• Loans are provided by participating CDFIs, MDIs, community banks, credit unions, and other community lending institutions typically offering lending amounts of up to $500,000.  
• The duration of the loan period is based on the borrower’s contract to be completed, and will generally be under 18 months. However, lenders may use discretion to determine the length of term that is most appropriate based upon their assessment of the borrower, the contract, and the risk associated. 
• Participating lenders offer lines of credit or managed lines of credit and underwrite each loan depending on the credit risk of contractors, to determine terms and applicable fees.  
• Lenders may require assignment of contracts, receivables, or any other collateral or guarantees from the borrower, if applicable for the financing.  

• An “Eligible Contract” shall be as a prime or subcontractor on a project or procurement, contracted and executed in the State of New York that receives all or part of its financial backing from a New York State Agency, New York State Municipality, County, Town, Village, Public School District, or other legally recognized government entity.  
• The loans will support working capital, improvement machinery and equipment, or other related costs required to execute those contracts. These loans are in the form of lines of credit or managed lines of credit in order to mitigate risk to the lender, borrowers, and program. Loans can be used for contract project deployment, advances against inventory, construction costs, purchase orders, managing payables and receivables, contract finance costs, and general working capital. 
• The proceeds of the loan will not be provided to nor used for:  
  • refinancing, retiring or liquidating existing debt or equity;  
  • residential construction projects (except for government-sponsored projects);  
  • payment of any tax arrearage[s];  
  • payment of any employee benefit arrearage[s];  
  • purchase or rehabilitation of real property for speculative purposes;  
  • loans to educational institutions, except licensed childcare facilities;  
  • loans to hospitals or residential health care facilities;  
  • loans to nonprofit corporations; or  
  • loans to overnight lodging facilities. 

Additional Resources to Get Loan Ready

SSBCI Technical Assistance (TA) provides legal, accounting, and financial advisory services to help small businesses strengthen loan readiness and access capital, at no cost to the business.

What we can help with:

• Legal: business formation and governance; required registrations and licenses; contracts; investor documents; ESOP-related transfers; procurement and surety-bond support; contractor-financing and bonding needs.
• Accounting: audits and financial statements; digitizing records; training on accounting practices/software; WIP/AR/AP schedules; transitioning from cash to accrual to meet lender or surety requests.
• Financial advisory: banking relationships; applications for government small-business programs; identifying credit/capital/grants; financial-management guidance; presentations, models, and business plans; surety-bond basics and contractor-financing support.

Where to get help

For contractor capital and bid-bond needs:

BOC Capital Corp (NYC, Long Island, Mid-Hudson)

J.P. West Inc. (NYC, Long Island, Mid-Hudson)

Regional Alliance for Small Contractors (NYC, Long Island, Mid-Hudson)

Surety Bond Associates (Statewide)

Program Lenders are the primary point of contact for borrowers and each have their own loan application process. 

Please contact the lenders listed below for more information regarding program loans, applications and terms:

For more information about the Contractor Financing Revolving Loan Fund, contact [email protected]

BOC Capital: (Statewide)
Christian Cabrera
Commercial Lending
Office: (718) 785-2960 
Email: [email protected], [email protected]
Website: boccapital.org/products-services/

Carver Federal Savings Bank: (New York City Area)
Joseph Middleton
VP – Commercial Lending
Phone: (212) 360-8847
Email:  [email protected]
Website: carverbank.com/lending-solutions/business-and-commercial-lending 

Greater Jamaica Development Corporation (Queens County)
Aron Kurlander, Director, Economic Development & Chief Lending Officer
Office: (718) 291-0282 x141
Email: [email protected]
Website: gjdc.org/business-services/small-business-loans/

Lendistry (aka B.S.D. Capital) (Statewide)
Clarisa Garcia
Contractor Lending
Customer Support line: (855) 476-5870
Email: [email protected]
Website: lendistry.com/contractor/

Ponce Bank: (New York City Area)
Nelly Franceschini
Commercial Relationship Officer
Phone: (917) 374-6322
Email: [email protected]
Website: poncebank.com/business/loans/prosper 

Pursuit: (Statewide)
Manny Maysonet
Assistant Vice President
Phone: (838) 202-7181
Email: [email protected]
Website: pursuitlending.com/business-loans/products/bridge-to-success/ 

TruFund: (New York City Area, Westchester, Suffolk, and Nassau counties)
Jeptha Stewart
Assistant VP/Business Development Officer
Phone: (646) 883-0389
Email: [email protected]
Website: trufund.org/truaccess-contractor-training-and-lending-program/