NYS Funding Programs Support Contractors

Posted On
March 29, 2023

Image
Nys Funding Programs

Two New York State programs are available to offer financial assistance to contractors.

The State Small Business Credit Initiative (SSBCI) is expanding the NYS Surety Bond Assistance 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.

Learn more and apply.

The SSBCI is also providing the NYS Contractor Financing Program $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. Learn more and apply.

Other
CEO News

Image
INSPYRE Innovatoin Hub
CEO News | 04/22/2025

INSPYRE Innovation Hub is the New Name of CenterState CEO’s Expanded Business Incubator

CenterState CEO announced at its 2025 Annual Meeting the new name of its expanded business incubator in downtown Syracuse: CenterState CEO’s INSPYRE Innovation Hub.

Image
CenterState Signal Graphic
CEO News | 10/01/2025

CenterState Signal: Syracuse Job Growth Hits 25-Year High

CenterState Signal is a quarterly column by CenterState CEO's Jared Shepard that takes a closer look at economic trends and their impact on the regional economy.

Image
Onondaga Community College
CEO News | 09/30/2025

Onondaga Community College to be Recognized with 2025 Community Visionary Award

CenterState CEO is proud to announce Onondaga Community College (OCC) as the 2025 recipient of its Community Visionary Award.

Image
Economic Forecast Take the Survey 2026
CEO News | 09/19/2025

Take the 2026 Economic Forecast Survey

Each year, CenterState CEO compiles its Economic Forecast for Central New York based on feedback and strategic insight collected from area business and community leaders. We want to hear your perspectives regarding the current year's…

Image
INSPYRE exterior photo
CEO News | 09/18/2025

INSPYRE Innovation Hub Holds Opening Celebration

Gov. Kathy Hochul marked the official grand opening of the new INSPYRE Innovation Hub by CenterState CEO in downtown Syracuse.

Image
Novelis-Fire-Statement-WEB
CEO News | 09/17/2025

CenterState CEO and GOFCC Issue Joint Statement of Support Following Novelis Fire

CenterState CEO and Greater Oswego-Fulton Chamber of Commerce issue statement following Novelis fire.

Image
M&T Bank sign lighting at INSPYRE
CEO News | 09/09/2025

M&T Bank Named Founding Sponsor of CenterState CEO’s INSPYRE Innovation Hub

M&T Bank is the Founding Sponsor of INSPYRE Innovation Hub, helping to enable the growing startup ecosystem.

Image
FLJ Speaker Graphic Rectangle
CEO News | 09/02/2025

Felicia Legette-Jack Will Serve as the 2025 Economic Champions Celebration Speaker

CenterState CEO will host Felicia Legette-Jack as the keynote speaker for its 2025 Economic Champions Celebration event, Oct. 29, 2025.

Image
SU Chancellor Departure Graphic
CEO News | 08/27/2025

CenterState CEO Shares Statement on Syracuse University Chancellor's Plans to Depart

CenterState CEO acting president and CEO Ben Sio issued the following statement on Syracuse University Chancellor Kent Syverud's plans to depart.