Senator Mónica R. Martínez announced that the state of New York through the Main Street Capital program will provide financial assistance to new companies and in its initial phase.
This project with a fund of 10 million dollars will grant affordable loans of up to 100,000 thousand dollars to those businesses that qualify during the process and have been operating at least for at least during the last four years.
This state credit initiative for small businesses, whose objective is to address the financial challenges that hinder growth and innovation will be led by Empire State Development.
“Without access to proper financing, new companies are often forced to turn off their lights long before the closing time,” said Senator Martínez.
He also added that “the Main Street Capital program breaks the existing barriers, by offering flexible loans to entrepreneurs who need it to sustain and grow its operations during its beginnings. When we support these companies, we are not only investing in their growth but we are also investing in the future of the New York economy. I feel very grateful to Governor Hochul for prioritizing this economic support for our community, ”he concluded.
– Financial Program «Main Street Capital»:
This financial promotion project is designed to alleviate the burden of nascent companies and to support companies in their critical stages, thus offering them a financing that allows them to prosper in the NY competitive market.
The program offers the ease of making minimum payments during the first year, that is, in their monthly installments in that period of time they will not pay the total value of the interest; This will allow business owners to allocate more resources to the growth of their operations during this training period. Loans will have a period of up to 6 years.
Empire State Development works together with Pursuit, a community lender with a 70 -year career in the market; It serves as a lifeguard for the underrepresented companies, including those that belong to socially and economically disadvantaged individual entrepreneurs (SEDI) and those that are very small (Vray Small Business), with less than 10 employees.
– Application process:
Applications will be accepted until November 18, 2024 and will be subject to the availability of funds.
For more information on the eligibility criteria and the questionnaire prior to the application, visit the Main Street Capital program page in https://pursuitlending.com/business-loans/products/main-street-capital-loan-fund/ .
Small businesses are recommended to help access this program and other resources to communicate with the center for the development of small SBDC businesses in Stony Brook, calling (631) 632-9070 (https://www.stonybrook.edu/commcms/sbdc/en-espanol/index.php).
