New York City launches new small business credit initiative



The New York City Council approved a new program Tuesday designed to help the city's small businesses acquire credit through increased availability of lending opportunities. Credit Ready NYC will help small businesses unable to acquire credit through traditional banks by connecting them with alternative lenders.

The initiative will function as a partnership between alternative lenders, banks and the Department of Small Business Services, while also educating small business owners on operations and loan practices.

According to a recent Federal Reserve survey of New York City businesses, 59 percent of small businesses are currently seeking loans. However, as much as 75 percent of applicants receive only a portion or none of their requested credit.

"Small businesses are the lifeline to our economy and account for over 50 percent of all private-sector jobs," said city council speaker Christine Quinn in a statement. "Credit Ready NYC is aimed at lending a hand to those small businesses that need that little bit of help."

New York City has been bustling with other initiatives aimed at spurring small business growth. Earlier this month, Mayor Michael Bloomberg broke ground on the first city-sponsored business incubator in the Bronx.

Tags : incorporation news, ny, small business management
Posted: Nov 24th, 2010
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