Food manufacturers are a key component of the City’s economy, with more than 1,000 calling New York, and especially Brooklyn, home. Approximately 14,000 people are currently employed in the growing $3 billion a year business. A victim of its own success, many in the industry are now struggling to find the necessary capital to succeed and expand, putting thousands of local jobs at risk.
The NYC Food Manufacturers Growth Fund, a partnership between the New York City Economic Development Corporation (NYCEDC) and Goldman Sachs 10,000 Small Businesses, seeks to keep the industry cooking by making affordable financing available to these small food manufacturers. The partnership has committed $10 million to the Fund, which will be administered by New York Business Development Corporation (NYBDC), a non-bank lender that partners with banks to provide loans to businesses that often do not meet the requirements for traditional financing. Growth Fund loans will range from $50,000- $750,000, with interest rates ranging from 6 – 8%.
On Wednesday, April 5th, at Brooklyn Brewery, East Williamsburg Valley Industrial Development Corporation (EWVIDCO) was officially tapped (no pun intended) as a Technical Assistance Partner for the Growth Fund. Under the one-year agreement, they will assist in the recruitment, training and packaging of loan applications on behalf of businesses they have identified for the Fund.
EWVIDCO is a membership organization that helps the nearly 1,000 industrial businesses in North Brooklyn grow and works to keep their 12,000 jobs in the community.
“The funding from [NYBDC] will help us work one-on-one with businesses to help them prepare for financing and will help us expand the workshops and seminars that we’ve been able to put on,” announced EWVIDCO Executive Director Leah Archibald. “[It] will help LDCs like ours from all across the City work with their businesses to help them grow.”
Hosheus (OC) Isaac, Vice President of NYBDC affirmed his organizations commitment to the food manufacturing sector. We’re excited to be leaders and administrators of this fund and we’re looking forward to this partnership with Leah and her team.”
Anyone interested in the NY Food Manufacturers Growth Fund should contact EWVIDCO’s Adam Cloud at718-388-7287 ×164.