On Friday, September 12, the mayor's office announced a new loan fund for minority and women contractors, in partnership with your credit union, Cooperative Federal.
The city is working with Cooperative Federal to establish the fund. The program aims to help minority and women contractors in the city sustain and expand their businesses by providing short-term, work-capital loans.
The fund is stocked with $50,000 from the Syracuse Economic Development Corp. and $125,000 from Cooperative Federal via the Empire State Development Corp.
"We have heard for too long the need of city [minority and women] contractors' difficulties in accessing working capital," Mayor Matthew Driscoll said in a news release. "The [loan] program will provide much needed financial support to a very important business sector in our City."
Ron Ehrenreich, treasurer of Cooperative Federal, added: "These contractors are an important source of job creation in our City and region. The whole community wins when we can help sustain and expand these businesses."
Cooperative Federal is dedicated to helping your small business succeed. Our business products and services are created to meet the needs of a wide range of small businesses, including individual entrepreneurs, home-based businesses, cooperatives, nonprofits and start-ups.