NYS MWBE 2020 Virtual Forum Opportunities Book

126 Section 5: Financing and Access to Capital Programs New York State Bridge to Success Loan Program The Bridge to Success Loan Program provides qualified Minority and/or Woman-Owned Business Enterprises (MWBEs) access to short-term bridge loans necessary to participate in contracting opportunities with New York State through participating lenders. These loans typically range from $75,000 to $200,000, with loan terms up to 24 months. Funds will provide qualified MWBEs with bridge capital giving them a better chance to secure and perform on contracting opportunities. Who is Eligible? Only New York State–certified minority and/or women- owned business enterprises (MWBEs) are eligible. The following participating lenders provide loan coverage across New York State: • Carver Federal Savings Bank New York City Region • New York Business Development Corp (NYBDC) Statewide • State Employees Federal Credit Union (SEFCU) parts of the Capital Region, Southern Tier, Central New York, Mohawk Valley, Finger Lakes and Western New York Regions • Tompkins Mahopac Bank Mid-Hudson Region • TruFund Financial Services (TruFund) Mid-Hudson, Long Island and New York City Regions Find Out More If you’re interested in applying, please visit ESD’s website: https://esd.ny.gov/bridge-success-loan-program For additional inquiries, please call the NYS MWBE Resource Line: (855) ESD-4MWB (855-373-4692) Bridget to Success Loan Program flyer: https://esd.ny.gov/sites/default/files/BTS_Flyer.pdf New York State Surety Bond Assistance Program and Lending & Financial Resources Short Term Financing New York State’s Division of Small Business & Technology Development helps MWBEs grow and thrive by providing financing and business assistance. The New York State Surety Bond Assistance Program (NYSBAP) provides technical and financial assistance to help contractors secure surety bonding. Contractors may be eligible to receive a guarantee of up to 30% to secure a surety bond line, bid bond or a performance and payment bond on New York City and State agency sponsored projects. Who is Eligible? • Applicant must be a New York State small business or MWBE with at least two years of business operation. • Maximum bond line or project size is $2 million. • Minimum average gross revenue of $400,000 in each of the last two fiscal or calendar years and maximum gross revenue not to exceed $5 million in the most recent calendar or fiscal year. • Minimum credit score of 600. • Previous experience completing similar work to the contract opportunity being pursued. To Apply Please visit: https://esd.ny.gov/new-york- state-surety-bond-assistance-program For additional inquiries, please contact: Ms. Huey-Min Chuang Senior Director of Business & Economic Development Tel: (212) 803-3238 Email: BAP@esd.ny.gov Additional Small Business Financial Resources New York State offers a variety of other small business resources to help you succeed. Whether your business needs a microloan of less than $25,000 or a loan exceeding $500,000, our directory of NYS alternative lenders can guide you to meet your financing needs. Visit Empires State Development’s website to learn more: https://esd.ny.gov/doing-business-ny/small-business-hub