PROGRAM DESCRIPTION

Provides up to a 40 percent guarantee on loans for qualified NYC micro (under 20 employees) and small (21-100) businesses experiencing difficulty in accessing loans. The benefits of participation are: Credit Enhancement for qualified loans Better access to competitively priced loans Access to a network of business lenders Referral to small business counseling and training programs Interest rates are negotiated between the borrower and the lender. The Lenders' normal collateral policies and procedures will apply to the Capital Access guaranteed loans.

	Capital Access Program Brochure (219 KB)

ELIGIBILITY

Financing is available for retailers, manufacturers, wholesalers, non-profit organizations, contractors and distributors. Applicants must be located and conducting their business in New York City. Eligible uses include loan proceeds that are used for working capital, leasehold improvements and equipment purchases. Some micro-lenders will consider start-up loan applications.

TO APPLY

Every small business has unique characteristics that impact their financing decisions.  NYC Business Solutions has partnered with NYCEDC to provide free Capital Access advisory services to small businesses interested in applying for Capital Access loans.  NYC Business Solutions can help business owners determine which Capital Access lender best fits their needs and business profile.  NYCEDC recommends using NYC Business Solutions as a first stop in applying for a Capital Access loan. Visit the NYC Business Solutions Center  website to find a Center near you and make an appointment for assistance. NYC Business Solutions is a suite of services offered by the New York City Department of Small Business Services. NYC Business Solutions can help with Business Planning, Business Courses (including FastTrac), Financing Assistance, Navigating Government, Hiring Employees, Training Employees, Selling to the Government, Accessing Incentives, and Emergency Assistance. Applications are made directly to the lender. The lender will review the application and determine eligibility for a Capital Access guarantee. Contact any of the lenders listed below.

LOANS OF $5,000 TO $250,000

Citibank Any New York City branch Nonprofit Finance Fund (Not-for-profit borrowers Only) (212) 868-6710, www.nonprofitfinancefund.org Seedco Financial Services (212) 204-1300, www.seedcofinancial.org

LOANS OF UP TO $100,000

Brooklyn Cooperative Federal Credit Union (718) 418-8232, www.brooklyn.coop