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:
NYC Bond Collateral Assistance Fund
The City of New York recently launched a $10 million Bond Collateral Assistance Fund to help operating small businesses that are bidding or plan to bid as prime or subcontractors on a contract with a City agency or the NYC Economic Development Corporation. The program allows eligible businesses to apply for surety bonds (collateral assistance) of up to $500,000 or 50% of the contract amount, whichever is lesser, in order to meet cash collateral bond requirements. Providing access to guaranty funds helps small businesses compete for these contracts that require bonding when they may have had difficulty otherwise due to a limited track record of successfully completed jobs,poor credit history, and/or other issues.