ALBANY, N.Y. (3/28/14)--SEFCU is one of five lenders--and the only credit union--participating in a statewide program that aims to expand access to short-term bridge loans for minority- and women-owned businesses in New York.
"This new loan program will provide small businesses and entrepreneurs--specifically those that are owned by women and minorities--the opportunity to compete for and execute state contracts by providing the working capital they need," said Michael Castellana, president/CEO of the $2.7 billion-asset credit union (The Point March 27).
Under the "Bridge to Success" program, Albany, N.Y.-based SEFCU and other lenders will make $20 million available in short-term, working capital loans to qualifying businesses.
Most loans made through the program will be for less than $200,000 and with terms of less than two years. The funds can be used to hire staff, buy materials or purchase equipment.
"We believe by providing these young companies, as well as seasoned ones, the necessary cash flow, they can compete and expand their business, boosting the economic vitality of our region," Castellana said.