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To qualify for a Partner Loan, businesses must meet the following criteria:
- At the time of funding, loans from one of NYCIC's investor banks* must be at least equal to the amount provided under the Partner Loan Program
- The investor bank must have provided at least 50 percent of the amount sought through the Partner Loan Program concurrent with, or within three months prior to the funding
- Annual sales of up to $30 million (companies with larger revenues will be considered if there are strong economic development factors present)
- Increasing revenues and earnings
- Positive tangible net worth
- Minimum of two years of operating history
- New York State, New Jersey or southern Connecticut location
Businesses that are owned by minorities or women, and companies that operate in or benefit lower income areas or are located in a New York State Empire Zone, are especially encouraged to apply.
Entrepreneurs interested in NYCIC's Partner Loan Program should contact their bank officer to discuss eligibility and obtain an application form.
» Underwriting Guidelines
*Bank of New York; Deutsche Bank; Citibank; Fleet Bank; HSBC; J.P. Morgan Chase; Merrill Lynch; United States Trust Company of New York.
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