Global NY Loan Fund – Distilled and Fermented Beverage Initiative – $5 million
Through the Distilled and Fermented Beverage Initiative, ESD will provide zero percent interest loans in principal amounts between $10,000 to $50,000, with terms of up to seven years, directly to New York State’s small and medium-sized companies in either the distilled or fermented alcoholic beverage industry in order for such companies to tap into global markets, develop export capacity, grow their exports and create jobs in the State. These companies find it difficult to obtain regular or sufficient export related bank financing.
The initiative seeks to assist these companies.Such companies can use the proceeds of the loans to gain or enhance their export capability by, among other things, developing export marketing plans, website translation, product adaptation, obtaining market certification, or purchasing equipment. These loans will be made by ESD directly to the eligible companies and will provide the capital needed in order to allow these companies to more effectively deliver on contracts, offer new products, and enter new markets. Loan applications are solicited from such businesses on a rolling basis. The loan underwriting is performed by ESD staff.
For more information, contact:
Rafael Salaberrios, SVP
Division of Small Business and Technology Development
Capital AccessEmpire State Development