New York CDCUs Get Small Business Venture Funds
ALBANY, N.Y. – The Empire State Development Corp. awarded $25 million in loan capital yesterday to 20 community development lenders, including four credit unions, from the state’s new Small Business Revolving Loan Fund.
The Small Business Revolving Loan Fund is targeted to 'Main Street' businesses and will provide $50 million in loans to small businesses across New York State this year and next.
Among the loan recipients are: Alternatives FCU ($1 million); Brooklyn FCU ($400,000); Bethex FCU ($230,000) and Syracuse Cooperative FCU ($250,000).
The loans will support microlending under $25,000, as well as larger small business lending of up to $250,000 or above. The program will support additional small business lending in every region of New York.