Three N.Y. CUs receive minority, women biz grants
ALBANY, N.Y. (11/28/06)--Three New York State credit unions are among the recipients of Empire State Development (ESD) grants worth a total of $360,000.
Alternatives FCU, Ithaca; Bethex FCU, Bronx; and Syracuse Cooperative FCU received the funds from the Minority and Woman Business Interest Subsidy Grant Program (US Fed News Nov. 21).
The program will help minority- and women-owned companies obtain the affordable financing they need to make their businesses successful, said ESD Chairman Charles Gargano.
The grants allow the credit unions, and five other nonprofit lenders, to provide capital at reduced interest rates to these businesses.
Eligible companies are those with at least one year of operating history. They will receive counseling from their lenders prior to and after the loan process.
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