Expanded Opportunity for Central NY Contractors

Cooperative Federal Launches Contractor Financing Program, Bringing Scalable Funding to Government Contractors in Central NY

Program Administered by Empire State Development Through State Small Business Capital Initiative 

Cooperative Federal is pleased to announce its participation in the NYS Contractor Financing Program. This program offers scalable funding for government contractors and vendors, helping small businesses bridge the gap to growth. The NYS Contractor Financing Program is supported through a partnership with Empire State Development’s State Small Business Capital Initiative (SSBCI), 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.

Both prime and subcontractors can participate in the Contractor Financing Program. Eligible contracts include government-backed projects and procurements that are connected to New York State agencies; municipalities, counties, towns, villages, and public school districts in NYS; and other legally recognized government entities in NYS.

Serving small and micro businesses has been a cornerstone of Cooperative Federal's mission for more than 40 years. Founded in 1982, the credit union is a community-owned nonprofit dedicated to fostering social equity and economic justice in Syracuse, NY, the fifth largest city in New York State. Cooperative Federal currently serves 3,800 members and has over $46 million in loans invested in the local community.

“When government agencies contract with local businesses, it benefits everyone: it strengthens NY communities, advances economic development plans, and helps small businesses build capacity and create jobs. We’re thrilled to help more businesses take part in this work,” said Christina Sauve, CEO of Cooperative Federal. “As a lender focused on inclusive community development, we’re especially excited to unlock opportunities for businesses that often struggle to access funding.”

Empire State Development EVP of Small Business and Technology Development Elizabeth Lusskin said, "Small businesses drive our economy and anchor their communities, and programs like the Contractor contracts. Cooperative Federal's roots in the Syracuse community make them an ideal partner to deliver this funding where it matters most, helping local entrepreneurs build capacity, create jobs, and drive economic growth across Central New York."

Through the Contractor Financing Program at Cooperative Federal, SGTR LLC was able to finance equipment and working capital. SGTR is a Syracuse-based construction company and a certified Minority Business Enterprise (MBE) working on the I-81 project. "Many lenders say 'no' to minority-owned companies, but Cooperative Federal trusted my business and was willing to invest in our growth," said Eli Smith, CEO and founder of SGTR LLC. "The business lending team at Cooperative Federal is incredibly supportive and a huge asset to the Syracuse community."

Eli Smith, CEO of SGTR LLC.
Photo provided by E. Smith Contractors and Belesai Communications
 

Andrew Bukowski (left), SGTR Senior Project Coordinator, and Donaldo McPherson Gonzalez (right), Cooperative Federal Loan Officer. Pictured with a vehicle financed through the NYS Contractor Financing Program.
Photo provided by Cooperative Federal

About Cooperative Federal: Cooperative Federal is a certified Community Development Financial Institution (CDFI), dedicated to expanding economic opportunity and financial inclusion in Syracuse. As a full-service credit union, Cooperative Federal offers programs for Small Business, Homeownership, and Consumer Finance, including banking services, loans, mortgages, financial education and counseling. Cooperative Federal focuses on reaching people and communities that are under-served by conventional lenders and is a Minority Depository Institution (MDI), with a majority-BIPOC Board of Directors and membership. 

About Empire State Development: Empire State Development is New York's chief economic development agency, and promotes business growth, job creation, and greater economic opportunity throughout the state. With offices in each of the state's 10 regions, ESD oversees the Regional Economic Development Councils, supports broadband equity through the ConnectALL office, and is growing the workforce of tomorrow through the Office of Strategic Workforce Development. The agency engages with emerging and next generation industries like clean energy and semiconductor manufacturing looking to grow in New York State, operates a network of assistance centers to help small businesses grow and succeed, and promotes the state's world class tourism destinations through I LOVE NY. For more information, visit ESD's website or connect with ESD on LinkedIn, Facebook and X.