The New York State government has launched a $4 million loan program for small businesses in Nassau County and the downstate counties of Rockland and Westchester. To qualify, small businesses must employee 100 or fewer people and be located in the distressed areas of Nassau including Hempstead Village, Franklin Square and North New Hyde Park. Small business owners should apply in Community Development Financial Institutions which include Community Capital New York Inc. in Elmsford, BOC Capital Corp. in Brooklyn and TruFund Financial Services Inc. and Excelsior Growth Fund in Manhattan.
The loans can be used for equipment purchases, construction and building improvements. According to Empire State Development CEO Howard Zemsky, the revolving loan fund is designed to help entrepreneurs who are having problems obtaining bank loans and loans from other traditional sources.