Nonprofit group Community Capital New York (CCNY) was granted $1 million by Empire State Development to be used for lending to small business in poor areas in Westchester, NY. The money is part of the Metropolitan Economic Revitalization Fund allotment to be divided among Nassau, Rockland and Westchester counties.
CCNY president and CEO Kimberlie A. Jacobs explained that the fund is directed to communities where there are unmet capital needs, particularly in the areas south of Interstate 287 including New Rochelle, Mount Vernon, Yonkers and White Plains. The loan is suitable for start-ups and other existing businesses not qualified to get bank loans.
The interest rate for the loan is likely to be 8.5 percent.
Jacobs added that the loans can be used for different start-up and expansion purposes. These include purchases of new equipment, working capital, leasehold improvements, refinancing of existing business debt and energy improvements.
Westchester County Office of Economic Development director Bridget Gibbons said that it is very important to ensure the access of small businesses to capital funding to ensure their economic success because they are the backbone of the American economy.