More than $500 million in federal funding is now available to support the resurgence of small businesses across New York State through the State Small Business Credit Initiative (SSBCI), a program through the American Rescue Plan Act. Managed by the U.S. Department of Treasury, SSBCI provides funds to support programs for small businesses, including socially and economically disadvantaged individual (SEDI) owned businesses and very small businesses (VSB), to recover from the economic effects of COVID-19 and allow them opportunity to succeed in the post-pandemic economy. With this funding, Empire State Development (ESD) has developed a suite of capital access and equity programs to help New York State small businesses recover from the economic effects of COVID-19 and allow them the opportunity to succeed.
Through the New York State Surety Bond Assistance Program, Surety Bond Associates will provide financial, accounting, legal and technical assistance to help contractors successfully secure surety bonds to bid and execute publicly funded projects that include contracts from cities, towns, villages, state/federal, public authorities, and large projects that have capital investment from the government.
Who Is Eligible?
- Applicant must be a New York State small business or a SEDI owned business with at least two years of business operations.
- Maximum bond line or project size generally is $2 million.
- Minimum average gross revenue of $400,000 in each of the last two fiscal or calendar years and maximum gross revenue generally not to exceed $5 million in the most recent calendar or fiscal year.
- Minimum credit score of 600.
- Previous experience completing similar work to the contract opportunity being pursued.
Need Technical Assistance?
Eligible small businesses can also enroll to receive cohort based training and financial, legal and technical support on how to become bond-ready.