ALBANY, N.Y. — Women and minority-owned businesses in New York will soon have another capital resource to tap.
Three New York credit unions are among the recipients of a $360,000 grant that will help provide capital for women and minority-owned businesses. The $11 million Bethex Federal Credit Union, $12 million Syracuse Cooperative Federal Credit Union and $51 million Alternatives Federal Credit Union, along with five other nonprofit lending organizations will receive their portion of the grant from the Empire State Development's Minority and Women Business Interest Subsidy Grant Program. ESD will make grants to the organizations to allow them to provide capital at reduced interest rates.
The lenders will offer the interest subsidy grants to businesses that have at least one year of operating history. Business owners will also receive pre- and post- loan technical assistance directly from the organizations or from other appropriate referrals.
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Nearly 300 minority and women-owned businesses will receive the interest subsidy grants to reduce their interest costs from as high as 15% to as low as 6% per annum for up to three years, according to ESD. The program will also leverage close to $5 million of loan capital secured separately by the organizations.
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