New York Contract Financing Loan Fund
Product
- Mobilization loans from $50,000 to $1,000,000, up to 30% of the contract value
- 3% interest, 1% to 2% closing fee
- Terms are 3 to 12 months, interest only payments with principal repaid based on terms of the contract
- Estimated two week turn-around from completed application to closing
Eligibility
- For small businesses that have a contract with NYC government
New York State Bridge to Success Program
Product
- Mobilization loans from $50,000 to $250,000, up to 30% of contract value
- 8% interest, $250 application fee and 3.5% closing fee
- Terms are 3 to 12 months, interest only payments with principal repaid based on terms of the contract
- Estimated two week turn-around from completed application to closing
Eligibility
- For state certified MWBEs that have a contract with NYS government or the NY/NJ Port Authority
- Located in New York City, Mid-Hudson and Nassau County
Application requirements for products generally include:
- At least one-year in business at the time application
- Minimum 600 credit score
- Document requests at minimum include:
- Last three years of tax returns including 2019
- Interim YTD financial statements for 2020
- Financial projections (depending on loan program)
- Legal formation documents including by-laws / operating agreements
- Business bank statements
- Personal financial statements and tax returns for individual with 20% or more ownership in the business
Small Business Solution 