New York State adds Small Business Loan Funding

Governor Patterson proposed two new state stimulus packages which would have to be approved by the state Assembly and Senate: a $25 million Small Business Revolving Loan Fund and a $25 million New Technology Seed Fund.

The New York Power Authority would begin with the initial contribution for the revolving loan fund and would be sustained as business began to pay back their loans.  The money would be distributed to non-traditional lenders development corporations and credit unions.  Furthermore women and minorities would have priority access to the money.

The technology seed fund would provide small businesses who have promising products to bring to the market place and would be funded by the Empire State Development Corporation.  Stephen R. Cohen, deputy commissioner of the state’s ESD claimed that the program is geared, “…to get more capital into the hands of small businesses who are having trouble with receiving financing.”   The goal is to “create another Silicon Valley here in terms of a robust network of investors to fill the gap at the seed stage.”

For the original Watertown Daily Times article.

To learn about small business loans