Small Business Financing
The following is a sample of the wide range of community-based lenders, banks, and crowdfunding sources that the Pace SBDC works with to provide access to small business financing:
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SBA - The SBA (Small Business Administration) offers two key longer-term financing programs, the 7(a) & 504 loan programs, that encourage banks and other institutions to lend to new or expanding small businesses for permanent working capital and to purchase equipment and/or real estate
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New York Forward Loan Fund - The New York Forward Loan Fund (2nd Round) is a state-funded program administered by community lenders that provides loans of up to $150,000 to eligible businesses at an interest rate ranging between 9.5% and 12.5% depending on the length of the loan.
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NYC Small Business Opportunity Fund - NYC's Small Business Services has launched a program to provide low-interest, flexible loan financing to eligible small businesses in the five boroughs.The NYC Small Business Opportunity Fund has temporarily paused intake of new applications while our lending partners assess completed applications
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Banks - Click on this hyperlink to see the list of banks our center has worked with that offer financing among the wide range of their small business financial services.
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Community-Based Lenders - Click on this hyperlink to see a list of community-based lenders and other alternative financial institutions our center has worked with who are often mission-driven and have more flexible underwriting criteria.
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Grants - Check out our grants hyperlink for a current list of available small business grants including start-up and other funding competitions.
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Crowdfunding - Click on this hyperlink for information on raising funds in small amounts from your existing community of supporters.
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Contract Financing loans provide short-term financing for small businesses to ramp up for new contracts and have sufficient working capital for expenses to be incurred in advance of contract payments. Click through link for NYS & NYC programs launched in support of this financing need.
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Accelerators & Related Funding Support Click on the hyperlink to learn more about accelerators and other related funding tailored for startups and entrepreneurs.