Program Purpose
The Minority and Women Revolving Loan Trust Fund Program was created by the State of New York in 1995 and is administered through Empire State Development (ESD) for the purpose of making low-cost financial assistance available to Minority and Women-Owned Business Enterprises (MWBEs) that are unable to access traditional financial services.  ESD’s goal is to help start-up MWBEs to grow and flourish in today’s economy.
 
 
Program Highlights
To date, ESD has capitalized loan pools totaling more than $3.5 million for 15 community-based economic development organizations located throughout New York State.  These organizations administer the program at the local level and provide working capital loans of up to $35,000 and fixed asset loans of up to $50,000. 
 
In addition to lending services, the organizations also provide related technical assistance services to MWBEs to help these businesses survive and grow, such as:

• Assistance with completion of loan applications
• Business Plan development
• Mentorship and peer group programs

 

Eligibility
 
Eligible Loan Recipients include:

• A for-profit M/WBE that resides in New York State and is independently owned and operated
• New York State certified MWBEs
• New York State Empire Zone certified businesses

 

Ineligible Loan Recipients include:

• Refinancing projects
• Newspapers, broadcasting, medical facilities, libraries, community or civic center
• Public infrastructure improvements

 

Application Process
The loan fund is administered by your appointed local economic development organizations.  The local organization completes the loan paperwork and the organization’s loan committee determines the approval. 
 
 
Contact Information
Please contact the community-based economic development organization nearest to you. 

 

Additional Resources
Print out this program's Quick Sheet