NYCEDC – Financing & Incentives – Financing – New Markets Revolving Loan Fund Program (NMRLF)

Financing

NEW MARKETS REVOLVING LOAN FUND (NMRLF)

PROGRAM DESCRIPTION

NYCEDC currently funds and oversees the New Markets Revolving Loan Fund (NMRLF).

NMRLF is administered by loan providers Seedco Financial Services, Inc. and Project Enterprise (collectively the “Loan Providers”) and is currently comprised of funds in the amount of $1,200,000 from the Title IX Revolving Loan Fund of the U.S. Department of Commerce Economic Development Administration (EDA). The Loan Providers are required to provide dollar for dollar matching funds for each proposed NMRLF loan, thereby producing funding in the total amount of $2,400,000.

ELIGIBILITY

Loans are to be provided to small and micro-entrepreneurs located in low-income communities as defined by the U.S. Department of Treasury Community Development Financial Institutions Fund.

CONTACT INFORMATION

Seedco Financial Services (for loans up to $200,000)
(212) 204-1300
www.seedco.org/sfscontact
SFSinfo@seedco.org

Project Enterprise (for loans up to $12,000)
(212) 678-6734 ext. 11
www.projectenterprise.org
info@projectenterprise.org

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