New York approves $50 million funding initiative for small businesses



In an effort to help spur small business development in the Empire State, Governor David Patterson and Empire State Development announced Friday plans to allocate $50 million in funding to small business lenders. The move hopes to encourage New York LLC formation, as well as promote general small business development throughout the state.

"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," Governor Paterson said.

"As small businesses typically create the most new jobs after a recession, today's announcement is critical to the recovery of our economy," he added.

The funding will include $25 million from the state's new Small Business Revolving Loan Fund, with an additional $25 million to be matched by participating lenders.

The ESD board approved the measure in November and is seen as a means for tackling the ongoing difficulties small businesses are facing in terms of credit and financing needs. Accordingly, the program will include both micro and large-scale loans with low interest rates.

Tags : financial management, ny, small business management
Posted: Nov 19th, 2010
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