Gov. Hochul announced Main Street Capital Program 9/24/24
Main Street Capital Program, a new $10 million fund that will provide qualifying start-up and early-stage companies with access to affordable term loans up to $100,000. Part of New York’s broader State Small Business Credit Initiative efforts led by Empire State Development, this program will help bridge the financing gap experienced by many entrepreneurs as they launch and grow their businesses. This program offers minimal payments for the first 12 months of the loan to give businesses more flexibility as they launch and grow. Loans will be up to six years with a fixed interest rate of 9.9%. In the first year, borrowers will pay less-than-interest-only, with no principal payments during that time. Click here to learn more about the program launch. Startups and early-stage businesses must complete a pre-application questionnaire. Based on their responses, they will be invited to complete a full application for the program, or they may be connected with their local Entrepreneurial Assistance Center (EAC) or Small Business Development Center (SBDC) for additional support. For more information on the fund, eligibility, and requirements, please visit the program’s webpage.