Community Capital New York will use a $1 million state funding award to finance small-business loans in parts of Westchester and Rockland counties for entrepreneurs who have had trouble accessing financing.
Community Capital said it will make loan capital available for startups and small
businesses in amounts ranging from $1,000 to $250,000 with terms up to five years. The loans can be used for inventory, equipment, improvement, marketing and a range of other business options. The Elmsford nonprofit, alternative lender is a certified Community Development Financial Institution.
The state award, know as the Urban Entrepreneurs Fund, allows Community Capital to “provide capital to local entrepreneurs, including African American, Hispanic, women-owned and other historically underserved entrepreneurs – many of whom have had difficulty obtaining loans from traditional banks to grow their businesses,” President and CEO Kimberlie Jacobs said.
The funding comes from Empire State Development’s $4 million Metropolitan Economic Revitalization Fund, which the state economic development agency launched Feb. 20. ESD said the loans will focus on small-business owners who have historically had difficulty accessing regular credit markets, particularly minority and women-owned businesses.
Three other Community Development Financial Institutions – BOC Capital Corp. of Brooklyn and Manhattan’s Excelsior Growth Fund and TruFund Financial Services Inc. – received funding through the initiative as well.