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New York to Allocate $50 Million in Funding to Small Business Lenders
Published on Nov 23, 2010
Read 'New York to Allocate $50 Million in Funding to Small Business Lenders' at 'Time to Start Up,' the small business blog by BizFilings.
New York Governor David Paterson along with Empire State Development (ESD) announced Friday the allocation of $25 million from the state's Small Business Revolving Loan Fund to lenders aimed at supporting small businesses. The $25 million will be matched by the targeted lenders to provide a total of $50 million in new lending for New York small businesses.
"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. This program will provide the critical capital necessary to help businesses retain employees, create new jobs and help grow our state economy."
The funding was approved by the ESD board in November and was included in the state budget as an effort to combat a lack of available credit to U.S. small businesses during the economic recession.
Recent small business confidence indices have shown economic outlooks to be modest at best, particularly among entrepreneurs forming a company. However, a Capital One Small Business Banking report released this week found 30 percent of small businesses plan to hire new employees within the next six months - up four points from last quarter.