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Food manufacturers are a key component of the City’s economy and one of the City’s industrial success stories. Today, over 1,000 food manufacturing businesses call the City home, employing approximately 14,000 individuals and generating an estimated $2.9 billion in sales in 2011. Nevertheless, small businesses in the food manufacturing industry looking to expand face an exceedingly difficult financing environment. Providing capital to these underserved businesses during critical growth stages is important to ensure the overall success and expansion of this industry.
To make affordable financing available to small food manufacturers, NYCEDC has partnered with Goldman Sachs 10,000 Small Businesses to create the NYC Food Manufacturers Growth Fund. The Fund's growth loans will enable eligible businesses to invest and expand their business operations and create new employment opportunities in the City.
Goldman Sachs 10,000 Small Businesses is an initiative to unlock the economic growth and job-creation potential of 10,000 small businesses across the United States through greater access to business education, financial capital, and business support services.
Through a public Request for Proposal, NYCEDC and Goldman Sachs 10,000 Small Businesses selected New York Business Development Corporation (NYBDC) to administer the NYC Food Manufacturers Growth Fund, make loans to qualifying food manufacturers in the City, and provide other related services.
NYBDC is a private corporation whose mandate includes promoting employment and economic development throughout New York State through long-term loans to creditworthy businesses. NYBDC complements conventional banking with the use of SBA guarantees, flexible amortization and long-term payouts. Through NYBDC, businesses in New York City have the opportunity to obtain financing that may not be available through conventional means.
New York City-based food manufacturers may apply to the Fund to secure a loan for the purpose of business expansion. Growth loans can have a wide range of uses, from purchasing equipment ot improve efficiency and increase profits, to buying inventory to fulfill growing orders, to hiring workers to grow sales. To be eligible, a business must meet the following qualifications: