New York is committing another $100 million for a small business loan program operated by the New York Business Development Corporation. These funds will mark the third $100 million installment made to this small business development loan program.
The money is coming out of the state’s common retirement system to fund the NYBDC program. The loan will allow the NYBDC to continue funding small businesses who may have difficulty receiving loans and funding to expand or improve their business. Additionally, the loans earn a competitive return for the state’s pension fund creating a win-win situation for all involved.