$50M Fund for Small New York Businesses

Small Businesses in New York StateRecently the New York State government enacted a $50 million fund for small businesses as part of its 2010-11 budget.

The money will be accessible to any in-state business with 100 or fewer employees.

The fund is aimed towards "everyday" businesses, like retailers and manufacturers, with an emphasis on minority and women-owned firms. Start-ups who meet certain requirements are also eligible for loans from the fund.

New York State Governor David Paterson has said that a "diverse and competitive business climate will mean more jobs and more money in the pockets of hardworking New Yorkers."

With many small businesses struggling in the recession, the new fund could provide some welcome assistance. Companies interested in taking advantage of this opportunity should contact The Empire State Department Capital Region regional office in Troy, at (518) 270-1130.

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