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
Surge Accelerator Teams Innovation Night
CEO News | 02/15/2024

A Reflection on the Past Year, from Syracuse Surge Accelerator Program Manager, Emad Rahim

It is hard to believe it has been a full year since we launched the Syracuse Surge Accelerator. In reflecting on this inaugural year, I am incredibly proud of what we have created through this program, and excited to witness its continued…

Image
GNY Round 8 Applications Graphic
CEO News | 02/08/2024

Empire State Development Announces Application Window for GENIUS NY Round 8 Now Open

Empire State Development (ESD) announced that GENIUS NY – the world’s largest business accelerator focused on uncrewed aerial systems – is now accepting applications for the eighth round of the year-long program.

Image
KeyBank CenterState CEO Check Presentation
CEO News | 02/06/2024

KeyBank Awards CenterState CEO With $500,000 Investment

Funding will support the launch and growth of underrepresented firms through training, coaching, and technical assistance and provide direct lending to and investment in undercapitalized firms.

Image
Rob Simpson at the 2024 Economic Forecast Breakfast
CEO News | 01/31/2024

CenterState CEO President Rob Simpson's 2024 Economic Forecast Remarks

CenterState CEO President Rob Simpson delivered the following remarks at the 2024 Economic Forecast Breakfast event on Jan. 31, 2024.

Image
Crowd at the 2024 Economic Forecast Breakfast
CEO News | 01/30/2024

Economic Forecasters Share Continued Optimism

CenterState CEO hosted its popular Economic Forecast event to share insights into the region’s economic climate from the perspective of regional business leaders and economic experts.

Image
Nominate Business of the Year 2024
CEO News | 01/25/2024

Business of the Year Award Nominations are Now Open!

CenterState CEO is now accepting nominations from members for its 2024 Business of the Year Awards. Deadline is Monday, Feb. 26, 2024.

Image
10th-Annual-Clothing-Drive 2024 Updated
CEO News | 01/12/2024

10th Annual Mark J. Palumbo Memorial Clothing Drive, honoring Nancy Premo

CenterState CEO is hosting the 10th annual Mark J. Palumbo Memorial Clothing Drive in honor of Nancy Premo. Bring gently used items, such as winter coats, hats, sweatshirts, gloves, scarfs, sweaters and warm socks to CenterState CEO's…

Image
Syracuse Surge Accelerator Sign-Speak
CEO News | 01/10/2024

Syracuse Surge Accelerator-Meet the Teams: Sign-Speak

Meet Yamillet Payano, cofounder of Sign-Speak.

Image
Rob Simpson statement of State of the State 2024
CEO News | 01/09/2024

CenterState CEO President Robert Simpson Comments on Governor Kathy Hochul’s State of the State Address

Robert M. Simpson, president of CenterState CEO, in Syracuse, issued the following statement following Governor Kathy Hochul’s State of the State Address.