DiNapoli creates credit source for small business

State Comptroller Thomas DiNapoli has created a $200 million fund to provide credit to small businesses to help them grow while providing revenue to the state pension fund.

The New York Credit Small Business Investment Co. is one of the first for a state, said DiNapoli, who has worked with five major banks to create the credit company aimed at providing credit to small businesses, which employ most New Yorkers.

DiNapoli said many banks have been reluctant to provide credit because of the business’ size and limited assets to use as collateral.

“The state pension fund is helping New York’s growing businesses move to the next level,” DiNapoli said. “These investments are in line with our priority of generating returns for the pension fund while helping to boost our state’s economy.”