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State's $4M small-business loan plan offered for needy Nassau communities

Chief executive Howard Zemsky presides at a meeting

Chief executive Howard Zemsky presides at a meeting of the board of directors of Empire State Development to discuss the Belmont Park arena project on Dec. 6, 2018. Photo Credit: Jeff Bachner

The state has created a $4 million loan program for small businesses located in needy areas of Nassau County and two other downstate counties, officials said.

The revolving loan fund will aid entrepreneurs who are having trouble obtaining bank loans and other traditional forms of financing, said Howard Zemsky, CEO of Empire State Development, the state’s primary business-aid agency.

To be eligible, companies must have 100 or fewer employees and be located in “economically distressed” portions of Baldwin Harbor, Bay Park, Carle Place, East Garden City, East Hills, Elmont, Floral Park, Franklin Square, Freeport, Great Neck, Hempstead Village, Inwood, Lattingtown, Long Beach, Lynbrook, Malverne, New Cassel, North New Hyde Park, Old Westbury, Port Washington, Roosevelt, Roslyn Harbor, Uniondale, Valley Stream, West Hempstead and Woodmere.

The loans are also available to communities in Westchester and Rockland counties.

Small businesses should apply to one of four Community Development Financial Institutions: BOC Capital Corp. in Brooklyn, Community Capital New York Inc. in Elmsford, and Excelsior Growth Fund and TruFund Financial Services Inc., both in Manhattan.

Officials said last week the loans can be used for building improvements, construction and equipment purchases. The funding is not limited to small businesses owned by women or minorities, according to an ESD spokesman.

Zemsky said the loan program “will help more small business owners and Minority and Women Business Enterprises from economically distressed areas get access to capital, a vital tool for economic success.”

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