Small Business Loans - Small Business Revolving Loan Fund Offers $50 Million

Several small businesses in New York recently received funding from the Small Business Revolving Loan Fund that was created earlier this year by the Governor of New York, David A. Paterson, who was assisted in this project by the Small Business Task Force and Empire State Development.

The Small Business Revolving Loan Fund is set to provide around US$50 million in loans to small businesses in New York over the next couple of years, and will focus on small businesses owned and operated by minorities and women who have difficulty accessing credit from more conventional sources.

The Governor of New York, David A. Paterson, issued the following statement regarding the first funding allocations made as a part of the Small Business Revolving Loan Fund program: “The funding allocations announced today are a major step in easing the small business capital crisis and promoting the growth and development of small businesses in New York. As small businesses typically create the most new jobs after a recession, today’s announcement is critical to the recovery of our economy. I thank the Small Business Task Force and Empire State Development, who were instrumental in developing this important new fund. This program will provide the critical capital necessary to help businesses retain employees, create new jobs, and help grow our State economy.”