New York Adds CUs To Small Business Incubator Program
ALBANY, N.Y. – Lawmakers approved legislation that will expand the state’s Capital Access small business lending program to include credit unions for the first time.
The program will make about $25 million in federal matching funds available through qualified lenders to help finance emerging technologies.
The state has agreed to broaden the definition of “financial institution” to include a “community development financial institution or community-based lending organization” that is principally based in the state. That means credit unions can get in on the state-subsidized small business lending.