ALBANY, N.Y. (AP) — New York is launching a program to expand access to short-term bridge loans to minority and women-owned business enterprises.
Gov. Andrew Cuomo says Monday that participating lenders are committing at least $20 million to the launch of the "Bridge to Success" program.
Loans through the program will typically be less than $200,000 with terms under two years. The money will aloow qualified businesses to hire staff, buy material and purchase equipment.
The New York Business Development Corp., State Employees Federal Credit Union, Tompkins Mahopac Bank, TruFund Financial Services and Carver Federal Savings Bank are participating in the program.
The state agency Empire State Development is providing $2.73 million for loan loss reserves.