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Thursday, November 19, 2009

Funding Help For New York City Small Businesses

New York City, if you didn't already know, has more small businesses than any other city in the United States. As small businesses continue to struggle, New York can be said to be the hardest hit. However, there is new funding assistance on the way, which could encourage the same to happen in other metropolitan and medium-sized cities.

Seedco Financial Services, Inc., a financial services organization that provides funding and resources to support economic and social development, has announced a five-year grant partnership with the Goldman Sachs Urban Investment Group. They will provide $20 million in financing for underserved small businesses through Seedco Financial's newly established "NYC Small Business Support Initiative."

With the Goldman Sachs funding, Seedco Financial will expand the scale and reach of its small business lending platform for businesses that operate in underserved, low-to-moderate income communities of New York. This platform also helps minority- and women-owned business enterprises.

Seedco Financial will introduce a new product, "Business Expansion Loans," to provide critical funding for businesses with a three-year operating history, a minimum of $300,000 in annual revenues, at least five employees and an engaged management team.

This program will focus on providing capital and resources for small businesses to expand sales and operating capacity in growth sectors such as clean technology and weatherization.

For more information about the program, visit:
www.seedcofinancial.org
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