GNYDC offers financing through The New Market Fund for small businesses and not-for profit cos.

The Greater New York Development Co. (GNYDC), a 30 year old 501C3 nonprofit economic development corporation, is now offering the New Market Fund. In addition to this fund, GNYDC also provides SBA 504 second mortgage loans for capital projects-and is one of the only 504 nonprofit providers which can lend to start ups, nonprofits and entities needed refinancing.   The New Market Fund provides up to $2.5 million in first or second mortgage position to small businesses and not-for-profit entities seeking to buy, renovate, construct or refinance their own facilities. The New Market and SBA 504 programs have new features thanks to the stimulus plan. New Market projects located in new market tax credit areas are eligible for 5% funding. SBA 504 projects which use renewable energy sources or save 10% energy usage can receive $4 million in second mortgage financing. And, LEED or Green Building Council-certified projects can receive $2 million from SBA 504. New Market and SBA 504 can be combined for a total of $6.5 million in low cost second mortgage financing. For businesses and nonprofits seeking to expand, GNYDC offers free counseling on how to obtain government and private sector contracts. For more information see www.gnydc.org.