Nonprofit alternative lender contributes to local economic development organization
NEW WINDSOR, N.Y. (August 27, 2012) – Community Capital New York (CCNY), a nonprofit alternative lender that provides loans to create jobs and revitalize communities, has joined the Hudson Valley Food & Beverage Alliance as a founding member.
CCNY, which is the Small Business Administration (SBA) Certified Micro Lender for the lower Hudson Valley, provides loans to entrepreneurs starting small businesses in the region. This gives startups the capital they need to get to the next level, covering everything from purchasing equipment to making leasehold improvements.
“We are especially pleased to be a founding member of the Hudson Valley Food & Beverage Alliance,” said Kim Jacobs, executive director of CCNY. “Over 25 percent of the loans we make are to restaurants and food service businesses. We have a lot of enthusiasm for this sector and recognize what an important role it plays in economic development for our region.”
CCNY leverages flexible underwriting, credit and collateral standards to give locally owned businesses the funding they need for marketing, licensing, working capital and more, leading to a number of successful companies that continue to call the Hudson Valley home. Established in 2003, the organization has provided loans to over 125 community-based businesses.
The Food & Beverage Alliance focuses on helping food and beverage companies in the area work together as strong partners and market their products all over the United States. Launched by the Hudson Valley Economic Development Corp. (HVEDC), the organization includes food businesses, farmers, vegetable growers, beverage makers, distributors and other organizations in the industry.
“We are thrilled to welcome CCNY to the Food & Beverage Alliance, as this is an organization that has helped many of our area’s most successful young companies when they were just starting out,” said Mike Oates, president and CEO of HVEDC. “This group’s outstanding work has helped a number of startups in the food and beverage industry in particular, and as a business community we are thankful for what they are doing here in the Hudson Valley.”
CCNY is an official Community Development Financial Institution (CDFI) designated by the U.S. Department of the Treasury, which means it has special mission to provide affordable financial services and loans to help individuals build their assets into strong community institutions. To learn more about the organization, visit http://www.ccrhv.org.
About Hudson Valley Economic Development Corporation (HVEDC): HVEDC represents seven counties in Hudson Valley. This public-private partnership markets the region as a prime business location to corporate executives, site selection consultants and real estate brokers. HVEDC also helped start the branding and promotional effort for NY BioHud Valley. For more information on Hudson Valley Economic Development Corporation or to review available business sites, visit http://www.HVEDC.com or call CEO Mike Oates at 845-220-2244.
