The program is a partnership with 11 banks, the New York City Economic Development Corporation and five local economic development corporations, one in each of the boroughs, which act as the program's sponsors. The maximum loan term is five years, based on the size of the loan and cash flow of the business. Interest rates are prime plus one and one-half percent, adjusted annually.
Loans are available for true start-ups or existing businesses.
Start-ups are companies that have been in business for less than three years. Manufacturing, retail and service businesses are all encouraged to apply. To do so, borrowers must submit a completed application, financial statements, personal and business tax returns and the fee to the economic development corporation in their borough. Start-up companies must also submit a business plan describing the venture and showing financial projections for three years. Those needing assistance in creating a business plan, may attend BEDC's Entrepreneurial Training Program or contact one of the Small Business Development Centers, located throughout the City, for guidance.