New revolving loan funds for minorities & women

New revolving loan funds for minorities & women
Mayoral Photography Office / Joanna Graham

In collaborative efforts between New York City Mayor Bill de Blasio’s office and the City’s Department of Small Business Services, applications are now open for minorities and women in small business to access more loans to expand their businesses.

New York City’s First Lady Chirlane McCray and Deputy Mayor for Strategic Policy Initiatives Richard Buery made this announcement at the Brooklyn Historical Society on Thursday, March 23.

McCray in her opening remarks focused on the importance of having women in New York City participating in entrepreneurship and maximizing the opportunities available to them. The First Lady said, “through the office of Minority and Women-Owned Business Enterprises, we are unleashing one of the city’s greatest resources — the talents of thousands of women.”

She also used the opportunity to welcome and acknowledge all women business owners for their fierceness to foster growth, “Women Empowerment New York City honors you today during this observation of Women’s History Month,” McCray noted.

The new loan program aims to help its participants become more independent in their business operations. “This takes them from getting by to becoming business owners on their own terms,” First Lady Chirlane said.

The program is directly managed by the Department of Small Business Services. First Lady Chirlane explained that through the (M/WBE), business owners are allowed to borrow up to $500,000.00 capped at a three percent interest rate. One key aspect of launching the low rate program, the first lady noted, was to provide a path for more minorities and women business enterprises to win and successfully perform on City Contracts. Eligible borrowers are minorities and women business enterprises certification holders as well as recently certified small business owners. The program is already operational and eligibility depends on how viable your business is to make repayments.

Deputy Mayor Buery in his comments said the Minority and Women-Owned Business Enterprises was established to assist minorities and women in business play a vital role in the city’s economy. He said the $500,000 loan program is “a direct step to stop inequality…loans are now open for business, you can apply today.” The deputy mayor requested that women and minorities participate in the low interest loan program, as this increases their opportunity when seeking to do business with New York City.

Commenting also on the need for minorities and women to take advantage of the contract financing loan fund was Senior Advisor and Director of Minority and Women-Owned Business Enterprises program in Mayor Bill de Blasio’s office Jonnel Doris. He said that the Minority and Women-Owned Business Enterprises sees the program as an opportunity to work with the participants and asked that more eligible small businesses participate. According to Doris, “…this fund will help make your business survive, small business owners face tough issues, this is upfront capital.” “There are opportunities for you to sustain and expand your business,” Doris added. The new user-friendly applications are simple and the completion process can be expedited quickly, Doris commented

There is an all time high of some 4,500 Minority and Women-Owned Business Enterprises small businesses currently certified with the New York City, and according to reports announced at this meeting, this is a number Mayor Bill de Blasio hopes to double by 2019.