New York Gov. Andrew Cuomo announced the launch of a new program that aims to expand access to short-term bridge loans for minority and women-owned business enterprises.
Among the participating lenders in the Bridge to Success program is the $2.7 billion State Employees Federal Credit Union in Albany, N.Y., and the only credit union partner in the statewide effort.
The Empire State Development division will provided $2.73 million in loan loss reserves to five participating lenders who will make $20 million available in short-term, working capital loans to qualifying MWBEs, according to Cuomo's office.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
