Small Business Resources

NYS Surety Bond Assistance Program

The State Small Business Credit Initiative (SSBCI) is expanding this program with $22 million in additional funding. This program is designed to assist small or MWBE contractors gain access to surety bonds. It provides contractors with no cost guarantees of up to 30% or $600,000 (whichever is less) on a bond line or individual contract bid bonds and payment/performance bonds. Contractors will be responsible for paying surety company bond premium charges. Eligibility includes:

• Must be a New York State small business or MWBE with at least two years of business operations.
• Maximum bond line or project size generally is $2 million.
• Minimum average gross revenue of $400,000 in each of the last two fiscal or calendar years and maximum gross revenue generally not to exceed $5 million in the most recent calendar or fiscal year.
• Minimum credit score of 600.
• Previous experience completing similar work to the contract opportunity being pursued.

For additional information and how to apply, click here.

NYS Contractor Financing Program

Funded through the State Small Business Credit Initiative (SSBCI), this program provides $22 million for loan loss reserves to incentivize lending intermediaries to create access to capital to support New York State contractors with revenues up to $5 million and fewer than 100 employees. Loans can support working capital, improvement machinery and equipment, or other related costs required to execute those contracts. Loans are in the form of lines of credit or managed lines of credit and terms typically include loans of up to $500,000 and loan periods under 18 months. Lenders may require collateral or other guarantees from the borrower if applicable. For additional information and how to apply, click here.

NY Department of Labor Shared Work Program

Designed to help businesses keep trained staff and avoid layoffs. Employees can receive partial Unemployment Insurance benefits while working reduced hours. Learn more.

NYS Main Street Capital Loan Fund

In partnership with Pursuit, the $10-million Main Street Capital Loan Fund (MSCLF) makes term loans of $100,000 or less available for start ups and early-stage businesses, particularly businesses in or of communities that have historically faced challenges in obtaining adequate credit or favorable terms. MSCLF loans can be used for working capital, acquiring equipment and other essential assets, and hiring talent.

To apply for an MSCLF loan, businesses must complete a pre-application on Pursuit’s online platform here. If approved, the MSCLF loan will be at a fixed interest rate and require only interest payments for the first year. After the first year, Pursuit will evaluate the borrower’s cash flow and revenue projections to determine if they may continue making interest-only payments for an additional year. Any deferred interest will be added to the loan balance, and both principal and interest will be amortized over the remaining term of the loan in equal monthly payments.