Excelsior Growth Fund Featured in Fortune for Unveiling Contract Financing Loan Fund
Renowned finance magazine, Fortune Magazine, featured Excelsior Growth Fund as one of the initial lenders who will have access to the Contract Financing Loan Fund. This $10 million fund was announced by New York’s Department of Small Business Services and is designed to help minority- and women-owned businesses in New York City obtain low-interest contract financing loans.
The loans, which can be taken out in amounts up to $500,000, have an interest rate capped at 3%-- more than half of the typical SBA loan. The loans will also feature flexible repayment schedules that align with city contract payment schedules to help businesses have better cash flow while fulfilling the contracts. This fund will make obtaining and financing such contracts much easier for minority- and women-owned businesses, who struggle both to start businesses and to obtain funding when compared to their non-minority and male counterparts.
Excelsior Growth Fund is proud to be a part of this initiative to support and promote minority- and women-owned businesses. The Contract Financing Loan Fund is part of a larger plan that hopes to increase number of contracts awarded to M/WBEs, award more funds to M/WBEs, and certify 9,000 M/WBEs over the next several years.
About Excelsior Growth Fund
At Excelsior Growth Fund (EGF), our mission is to help New York businesses grow by providing small business loans and advisory services. As a nonprofit organization and a U.S. Treasury-certified Community Development Financial Institution (CDFI), we’re a responsible lender you can trust. Our loan products are affordable and flexible, and our advisory services can help you reach your business goals.