The Department of Small Business Services in New York City has launched the Contract Financing Loan Fund for Minority-and Women-Owned Business Enterprises.
The plan, first announced in 2016 by Mayor de Blasio, will use a revolving loan fund of $10 million financed by the city to offer low-interest loans capped at 3% up to $500,000 to M/WBEs in New York.
First Lady Chirlane McCray commented on the project, saying that, “Through the Office of Minority and Women-Owned Business Enterprises, we are unleashing one of our city’s greatest resources – the talent of thousands of women who need a little support to turn their savvy and fierce work ethic into successful companies.”
On top of the program itself, the City has taken steps to simplify and streamline the M/WBE certification process to make these loans easier to attain for up-and-coming businesses, specifically those run by sole proprietors; 90% of the sole proprietors in the United States are women.
These changes come in an attempt to meet Mayor de Blasio’s goals for the future of New York. His aims for the fund are to have 9,000 certified M/WBEs come 2019, having 30% of City contract value awarded to them by 2021, and awarding $16 billion through the fund and other programs by 2025.
“We’re taking steps to ensure the City is a supportive partner to all potential and existing vendors by streamlining our process and providing critical, financing support through our new loan fund,” said Commissioner of the Department of Small Business Services Gregg Bishop.
For those wishing to know more, additional information can be found at http://www1.nyc.gov/site/sbs/index.page .
