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New York Empire State Development $50 million Loan Program Accepting Applications Until Sept. 30th

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New York State’s Empire State Development  is accepting applications for its $50 million small business revolving loan fund until September 30th.  The fund was conceived and approved to create economic activity by providing greater access to capital for small businesses.

Small retail, service and manufacturing businesses across New York State are eligible to apply.    The intention is for loan proceeds to lead to the creation and retention of jobs.  An overview of the revolving loan program,  a copy of the RFP form and contacts for further information are all now posted on the Empire State Development website.

NY State Creates $50 Million Loan Fund to Aid Small Businesses

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New York State has put up $25 million, which when matched by private lending institutions, will create a $50 million loan fund intended to aid NY State small businesses blocked from access to traditional sources of credit, the 7/19/10 “Westchester County Business Journal” reported.  Successful applicants may use the funding for “working capital, acquisition and or improvement of real property, the acquisition of machinery and equipment, property improvement, or the refinancing of debt obligations.”  Business owners seeking more information on the program are encouraged to contact their regional Empire State Development office.

(8/26/10 update:  The “Brooklyn Daily Eagle” reported that the Empire State Development Corp. awarded Brooklyn Brewery an $800,000 “restore New York” grant, which will help the brewer expand their Williamsburg operations, by purchasing and installing new equipment.)