Seedco Financial Services, Inc., a financial services organization, announced a five-year grant partnership with Goldman Sachs to support New York City Small Businesses.
Within the framework of the “10,000 Small Businesses” action, Goldman Sachs’ Urban Investment Group will provide $20m in financing for underserved small businesses through Seedco Financial’s newly established “NYC Small Business Support Initiative”.
With this funding, Seedco Financial will initiate two programs to support small businesses.
Firstly, the organization will expand its lending platform for businesses that operate in underserved, low-income communities of New York City also supporting minority- and women-owned business enterprises.
In addition, Seedco Financial will introduce a new product, “Business Expansion Loans”, to provide funding for businesses with a three-year operating history, a minimum of $300,000 in annual revenues, at least five employees and an engaged management team.
This program will focus on providing capital and resources for small businesses to expand sales and operating capacity in growth sectors such as clean technology and weatherization.
Seedco Financial will also receive philanthropic support from Goldman Sachs to fund capacity building and technical assistance.