Updates

Benefits of Community Development Financial Institutions

Here’s a great opportunity for banks looking to better serve their small business customers: According to a survey by the Federal Reserve Banks, 61% of small businesses faced financial challenges within the last year—access to credit was named as the number one challenge for these businesses, and only 45% of small businesses were successful in securing traditional financing for their needs. While these small businesses did not qualify for conventional financing, an alternative lender [...]

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Partner Success Story Bank of America

Bank partnerships are so important to the work that we do. Together, we’re working to build stronger communities by helping small business owners find financing that meets their needs and supports their goals. Here’s an example of how we recently partnered with the banking community to support a local business. Situation Mandy Yip from Bank of America in Manhattan had a Brooklyn, NY-based client that needed funding for refinancing a high-cost online loan as well as  working [...]

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EGF provides Terrell Wines with $100,000 Loan

Christopher Terrell, owner of Terrell Wines, is the only full-time employee in the Brooklyn, NY location of his wholesale wine distribution business. In addition to making wine deliveries on his bike, he’s in charge of negotiating with vineyards all over the world to purchase their wines for distribution in the U.S. With a diverse portfolio of primarily European winemakers, Christopher turned his sights to a burgeoning market: wines with ancient roots produced in the country of Georgia.  [...]

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Howes & Baum Inc. Scores EGF SmartLoan for $100,000

Matthew Baumgartner is well-known throughout New York’s Capital Region for being a restaurateur, owning area hot spots such as Wolff’s Biergarten and The Olde English Pub, but did you know he also owns a men’s clothing line called Howes & Baum, Inc.? Baumgartner started the business with his London counterpart, Craig Howes, in 2011 with a mission to bring back long johns. The inspiration behind the clothing line’s design and style came from Baumgartner’s [...]

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$50,000 Prize Pool Available for Buffalo-area MWBE Entrepreneurs

New York Business Development Corporation (NYBDC) and affiliate Excelsior Growth Fund in collaboration with 43North and the City of Buffalo are proud to announce that the application period for the 2nd Annual THE PITCH business plan competition is now open. The competition, which this year has more, than doubled its prize pool to $50,000, is designed to support minority- and female entrepreneurs in Erie County. NYBDC and Excelsior Growth Fund are the Signature Sponsors of THE PITCH, with [...]

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