New York State has put up $25 million, which when matched by private lending institutions, will create a $50 million loan fund intended to aid NY State small businesses blocked from access to traditional sources of credit, the 7/19/10 “Westchester County Business Journal” reported. Successful applicants may use the funding for “working capital, acquisition and or improvement of real property, the acquisition of machinery and equipment, property improvement, or the refinancing of debt obligations.” Business owners seeking more information on the program are encouraged to contact their regional Empire State Development office.
(8/26/10 update: The “Brooklyn Daily Eagle” reported that the Empire State Development Corp. awarded Brooklyn Brewery an $800,000 “restore New York” grant, which will help the brewer expand their Williamsburg operations, by purchasing and installing new equipment.)