Monthly Newsletter
Public Works, Procurement, and Disadvantaged Business News
October 2011 | Volume 4, Number 5 | New York Edition | www.dbegoodfaith.com
New York recipient of federal small business dollars
In mid-September the U.S. Department of the Treasury approved New York's State Small Business Credit Initiative (SSBCI) application, which authorizes the state to access $55.4 million in federal funding for three small business lending initiatives.
"These funds will help break down barriers to loans for creditworthy New York small businesses looking to invest and hire in their local communities," Treasurer of the United States Rosie Rios said. "This program will help ensure that more Main Street entrepreneurs have access to the credit they need to expand their businesses and create new jobs."
New York will use the funds, which are made available through a measure in 2010's Small Business Jobs Act, to support three small business development programs:
Even though small businesses have created over half of all private-sector jobs over the past decade, almost 60 percent of small businesses have reported difficulty in obtaining credit.
"Vibrant small businesses are the backbone of a strong and growing economy," said Empire State Development President, CEO & Commissioner Kenneth Adams. "With this funding, we will better support our small business economy by making critically needed 'seed-stage' capital available to spur job creation and rebuild our economy from the ground up."
"These funds will help break down barriers to loans for creditworthy New York small businesses looking to invest and hire in their local communities," Treasurer of the United States Rosie Rios said. "This program will help ensure that more Main Street entrepreneurs have access to the credit they need to expand their businesses and create new jobs."
New York will use the funds, which are made available through a measure in 2010's Small Business Jobs Act, to support three small business development programs:
- The Innovate NY Fund, a new seed-stage equity fund to support innovation, job creation, and high growth entrepreneurship throughout the state; SSBCI provides approximately $26 million for this program;
- The Capital Access Program, a newly expanded program that will provide matching funds to loan loss reserve pools at financial institutions as an incentive to increase small business lending; SSBCI provides approximately $19 million for this program; and
- The Bonding Guarantee Assistance Program, a newly activated program that provides credit support to help small and minority- and women-owned businesses secure bonding; SSBCI provides approximately $10 million for this program.
Even though small businesses have created over half of all private-sector jobs over the past decade, almost 60 percent of small businesses have reported difficulty in obtaining credit.
"Vibrant small businesses are the backbone of a strong and growing economy," said Empire State Development President, CEO & Commissioner Kenneth Adams. "With this funding, we will better support our small business economy by making critically needed 'seed-stage' capital available to spur job creation and rebuild our economy from the ground up."
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