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Contract Financing Loan Fund

Get the Funds You Need to Take on City Contracts

If your business is working or bidding on a contract with a city agency or city-funded entity as a prime or subcontractor, you may be eligible for a Contract Financing Loan. Loan repayment terms are aligned with the project payment schedule.

Loans of up to $1,000,000 at a fixed annual interest rate of up to 3 percent are available to eligible businesses. Closing fees up to 3 percent may apply.

Loan Eligibility

To be eligible to apply for a loan, you must:

  • Have an operating business
  • Be seeking financing as a prime or subcontractor to use toward a contract with a city agency or city-funded entity

How It Works

  • Step 1: Create/log in to your SBS Connect account
  • Step 2: Fill out a request for financing assistance and select "Contract Financing"
  • Step 3: An account manager at your local NYC Business Solutions Center or Industrial Business Service Provider will reach out within two business days
  • Step 4: If eligible, the account manager will help you submit your completed loan application to the lender
  • Step 5: The lender will review the application and determine whether to award a loan based on the application

Assignment of Payment

In some instances, there is a legal agreement through which a city agency agrees to assign payments due to the contractor vendor directly to a third party, known as an Assignment of Payment. To better understand the process, please refer to the Assignment of Payment Process guide.