Hudson Valley Agents Blog
Small Business Credit Initiative in New York State
In today’s economy, small businesses have a harder time than their larger business counterparts. While New York business insurance is available to all businesses, small businesses have the opportunity to partake in the Small Business Credit Initiative (SSBCI).
Signed into legislation by Governor Andrew M. Cuomo, New York has access to $55.4 million in SSBCI funds. The expectation is to generate over $553 million in new private capital for small businesses.
The funding will be used to support three separate small business development programs:
• The Innovate NY Fund
• The Capital Access Program
• The Bonding Guarantee Assistance Program
The programs are all geared towards the small business with goals to help in different ways. With the SSCCI being geared towards small businesses, large business will certainly now have a run for their money. Small businesses can work with their New York business insurance agent to learn about how taking part in this initiative will help them grow.
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