ALBANY, N.Y. — New York State has launched a new $10 million fund that will provide qualifying startup and early-stage companies with access to affordable term loans up to $100,000. The Main Street Capital program is part of New York’s broader State Small Business Credit Initiative efforts led by Empire State Development, the office of […]
ALBANY, N.Y. — New York State has launched a new $10 million fund that will provide qualifying startup and early-stage companies with access to affordable term loans up to $100,000.
The Main Street Capital program is part of New York’s broader State Small Business Credit Initiative efforts led by Empire State Development, the office of Gov. Kathy Hochul said. The program will “help bridge the financing gap experienced by many entrepreneurs” as they launch and grow their businesses.
It offers minimal payments for the first 12 months of the loan to give businesses “more flexibility” as they launch and grow. Loans will be up to six years with a fixed interest rate of 9.9 percent. In the first year, borrowers will pay less-than-interest-only, with no principal payments during that time.
“The Main Street Capital Program will boost and strengthen our small businesses, especially our minority and women entrepreneurs, creating jobs and investment in New York State,” Hochul said in the announcement.
This $10 million fund is a partnership between Empire State Development and Albany–based Pursuit, a community lender with a 70-year history serving businesses in all stages in New York State and beyond.
Pursuit is a firm with several New York locations, including a local loan officer and virtual office serving Syracuse.
“The Main Street Capital Program is a valuable resource for New York entrepreneurs, offering affordable-rate loans of up to $100,000,” New York State Assemblymember Albert Stirpe, Jr. (D–Cicero) said in the Hochul announcement. “The loan fund provides a more accessible financing option, particularly for socially and economically disadvantaged individual-owned businesses, as well as very small businesses with fewer than 10 employees. New York’s State Small Business Credit Initiative, led by Empire State Development, will help bridge the financing gap, empowering entrepreneurs to turn their dreams into reality and grow their businesses.”
Startups and early-stage businesses must complete a pre-application questionnaire. Based on their responses, they will be invited to complete a full application for the program, or they may be connected with their local Entrepreneurial Assistance Center (EAC) or Small Business Development Center (SBDC) for additional support, Hochul’s office said.
For more information on the fund, eligibility, and requirements, those interested can
visit the program’s webpage.
