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CUs in NYC program for small-biz loans
NEW YORK (5/20/09)--New York City is providing $5 million in city funds to its Capital Access Program, which will guarantee up to 40% of small business loans provided by credit union and other lenders. In total, about $13 million is expected to be distributed through the program, said New York City Mayor Michael Bloomberg in his weekly radio address Sunday. Once the loans are repaid, the program will be able to generate another cycle of new small-business loans, he added (States News Service May 17). “A barbershop in Brooklyn, a family clothing store in Queens, an electrical contractor in the Bronx, a bakery, a fuel delivery company, and a shoe repair shop. Those are the kinds of small businesses that hold our neighborhoods together,” Bloomberg said. “And last week, they were among the first 28 of what we expect will be up to 400 small companies and non-profit organizations throughout the five boroughs to receive New York City Capital Access emergency loans. “Our administration has worked with private sector lenders to develop this program,” he added. “In the months ahead, loans ranging from $1,500 to $250,000 will enable businesses to buy new equipment [to] meet day-to-day expenses and, most important, keep their doors open and make their payrolls.”
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