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New York City Approves New Small Business Credit Program
Published on Nov 24, 2010
Read 'New York City Approves New Small Business Credit Program' at 'Time to Start Up,' the small business blog by BizFilings.
The New York City Council announced a new program Tuesday aimed at helping the city's small businesses through increased lending opportunities. Credit Ready NYC will collaborate with various banks, investors and the Department of Small Business Services to find credit opportunities for businesses unable to acquire loans through traditional banks.
According to a recent Federal Reserve study of New York businesses, 59 percent of small businesses are currently seeking loans. However, approximately 75 percent of applicants receive only some or none of the 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."
The move is part of many efforts - both public and private - aimed at boosting small business growth and entrepreneurship in New York and nationwide. Earlier this month, Mayor Michael Bloomberg broke ground on the first city-sponsored business incubator in the Bronx - an effort aimed at providing entrepreneurs starting a company with a location to do business and receive assistance.