NYC Capital Access Loan Guaranty Program
New York City Economic Development Corporation (NYCEDC), in cooperation with the Upper Manhattan Empowerment Zone (UMEZ), is seeking commercial lenders and community development financial institutions (CDFIs) who make loans to businesses in New York City with 100 or fewer employees. NYCEDC and UMEZ, through the Capital Access Program, are trying to increase lending to small businesses and are willing to guaranty a portion of the loan principal in return for lenders agreeing to expand their underwriting criteria. A total of $4.5MM in guaranty funding is expected to be available with approximately $3MM of the total provided by UMEZ specifically for loans made to Upper Manhattan Businesses. As the initial loans mature, NYCEDC expects to re-use the guaranty capital to guaranty additional small-business loans.
NYCEDC plans to select lenders on the basis of factors stated in the RFP which include, but are not limited to: the quality of the proposal, experience of key staff identified in the proposal, experience, demonstrated successful experience in performing services similar to those encompassed in the RFP, and proposed fees.
