APPLICATIONS DUE DATE AND TIME:

On or before August 31, 2026, by 3:00 PM ET.

Program Guidelines

Eligibility Requirements

To be eligible to receive grant proceeds from ESD, an applicant must be in good standing with the State of New York and ESD.

Eligible Applicants:

 An organization may apply to become a MWRLTF Administering Corporation if it is:

• An empire zone capital corporation established pursuant to section nine hundred sixty-four of the general municipal law; or
• A community-based local development corporation or industrial development agency that serves a municipality in which an empire zone has been established pursuant to article eighteen-B of the general municipal law and have as their primary purpose assistance to minority-and women-owned businesses located or to be located in such empire zone; or
• A local and community development corporation, industrial development agency, or other not-for-profit entity, representative of the community; or
• A federally certified Community Development Financial Institution (“CDFI”).

Applicants will be required to:

• Identify and provide service to a proposed Service Delivery Region that is comprised of all or part of the counties targeted in this solicitation;
• Have available staff with sufficient expertise to analyze loan applications, to regularly monitor MWRLTF loans, and have made arrangements to provide management or technical assistance to its clients;
• Establish a loan committee composed of six or more persons experienced in business management, commercial lending or in the operation of a for-profit business, at least one-half of whom shall be experienced in commercial lending, at least one-third of whom shall be minority persons and at least one-third of whom shall be women. Such loan committee shall review every application, determine the feasibility of the proposed project and the likelihood of repayment of the requested financing and shall recommend to the governing body of the entity such action on the application as the loan committee deems appropriate;
• Obtain New York State prequalification and related registration standards through the Grants Reform System. This will ensure eligibility to participate in this and future RFAs and receive potential program awards;
• Primarily focuses its activities on M/WBE and/or small business lending; 
• Be legally able to receive and use the proceeds as herein stated;
• Meet any other requirements herein stated for the specific purpose of the grant;
• Be current with reporting requirements for any other ESD assistance;
• Demonstrate strong lending capacity and the ability to provide lending products in an impactful way; and
• Demonstrate linkages with other service providers in the area, which can support its efforts and help source clients.

Grant Funding

Grant awards are as follows: 

           Grantees: Dependent on Number of Selected Awardees

           Award Up To: $1,000,000.00 

          Expected Completion Date: After Utilization Period

ESD reserves the right to award grants in amounts greater or less than the above listed figures and/or at a varying schedule depending on the number and quality of applications received and other considerations set forth in this RFA. 

There is no cost-match requirement associated with this grant.

The following limitations apply to this RFA:

• Indirect costs are PROHIBITED.
• Expenses must be relevant and justifiable to the project(s) outcome. 

ESD has the right to review all expenses and deny the reimbursement of any expenses that are deemed ineligible. 

Eligible Borrowers

An eligible business is defined as: a M/WBE whose primary place of business is located in New York State, independently owned and operated, not dominant in its field, and employs one hundred or fewer persons.

Ineligible Projects

Program assistance shall not be made available for any of the following projects:

Payment of any tax arrearage(s);

Payment of any employee benefit arrearage(s);

Projects that would result in the relocation of any business operation from one municipality in the state to another, except under one of the following conditions:

• When a business is relocating within a municipality with a population of at least one million, where the governing body of such municipality approves such relocation; or
• The Administering Corporation notifies each municipality from which such business operation will be relocated, and each municipality agrees to such relocation.

Projects of newspapers, broadcasting or other news media, medical facilities, libraries, community or civic centers, or public infrastructure improvements.

Projects involving the refinancing of any portion of the total eligible trust fund project cost or other existing loans or debts of an applicant, except for the purpose of transferring to the employees or to other local interests’ ownership of a company that would otherwise depart from or cease or substantially reduce operations in the State. For the purposes of this paragraph, a substantial reduction of operations in the State shall mean:

• The loss of an MBE and/or WBE of 25 or more permanent jobs; or
• The loss by a minority and/or women-owned business enterprise of fewer than 25 permanent jobs, if such a loss would have a major adverse impact on the community in which the business is located.

Retail projects, except where the Administering Corporation finds there will be an increase in net new permanent jobs.

To the extent permitted by law, projects involving the making of a trust fund loan to:

• A full-time employee of the State or any agency, department, authority, public benefit corporation, or political subdivision thereof, or
• An MBE and/or WBE in which an employee described in the previous sub paragraph directly or indirectly controls a majority ownership interest.

Projects that would provide funds, directly or indirectly, for payment, distribution or loan to owners, partners or shareholders of an applicant except as ordinary income for services rendered.

Trust Fund Process

Disbursement by ESD to Trust Fund Account Program funds will be disbursed into a Trust Fund Account established exclusively for MWRLTF as follows:

•  70% of total award upon execution of Grant Disbursement Agreement.
•  30% upon Administering Corporation’s submission of documentation to ESD of disbursement or commitment of 80% of the first disbursement.

Loan Approval Prior to disbursement to borrower:

•  Each loan must be approved by Trust Fund Loan Committee. 
•  An Administering Corporation certified by ESD shall use the funds received from the ESD, subject to the terms, conditions and restrictions set forth in this section, to provide financial assistance to eligible businesses for projects that demonstrate a substantial likelihood of providing increases in net new permanent jobs or retaining jobs in businesses that need such financial assistance to remain viable.
•  The decision to approve or reject an application for financial assistance pursuant to the provisions of this section shall be made by a majority of the directors of the Administering Corporation, and such decision shall be final. 
•  No member of the board or other governing body of an Administering Corporation shall participate in a decision on a project application when such member is a party to or has a financial interest in such project. 
•  Any member who cannot participate in a decision on a project application for such reason shall not be counted as a member of the board or other governing body for purposes of determining the number of members required for a majority vote on such application. 
•  No employee or officer of any Administering Corporation shall be a party to or have any financial interest in any project that receives financial assistance pursuant to this section.

Loan Repayments

Interest payments may be retained by the Administering Corporation to defray administrative costs.

Funding Source

The Program will be funded by existing funds allocated to the Empire State Development Minority and Women Revolving Loan Trust Fund.

Data Collection

Applicants awarded grant funding will be required to track and record information relevant to the success of this grant. Data will be made available to ESD as requested. Data points to be captured and tracked are at the discretion of ESD. 

 Reporting

Semi Annual Reports

1. Due within 15 days of the end of each semi-annual period.
2. Must include:

             A narrative statement and schedule demonstrating portfolio status; and

             Bank statements for the Trust Fund Account

      3. Failure to submit repayments and/or required documentation of portfolio status may result in default and termination.

Annual Reports

1. Due within 45 days of the end of the fiscal year ending March 31.
2. Annual report includes:

            Narrative Report

            Loan Portfolio Performance Report and;

            The most recent audited/Reviewed/Compiled financial statements.

Technical Questions?

Check out the Submitter Resource Center or contact Submittable Customer Support.