Q&A
Lending partners and financing for industrial businesses
0:45:27
·
88 sec
Council Member Farías inquires about lending partners and financing options for industrial businesses through IBSPs. Sherry Lane from SBS explains the available resources and recent lending data.
- IBSPs have deep relationships with a network of community lenders
- NYC Funds Finder platform connects businesses to small business lenders
- IBSPs and Business Solution Centers provide free 1-on-1 assistance with loan and grant applications
- Since the beginning of the administration, IBSPs have connected small businesses to over 1,000 loans, totaling almost $170 million
- The average loan size was not immediately available but will be provided later
Amanda Farías
0:45:27
Okay.
0:45:28
Thank you.
0:45:29
What lending partners do IBSPs work with, if any?
Sherry Lane
0:45:33
Sure.
0:45:34
Thanks so much for the question.
0:45:36
So, all of the IBSPs have deep relationships with a network of community lenders, and, they have those relationships both individually and also through our platform called NYC Funds Finder, which connects businesses both directly to these small business lenders, but also gives them the opportunity to connect 1 on 1 with one of our industrial business service providers or business solution center staff to help them navigate the process of applying for a loan or a grant, 1 on 1 for free during the process.
Amanda Farías
0:46:06
Okay.
0:46:06
And how many of these industrial businesses receive outside financing each year?
0:46:11
And do you happen to know the average loan size?
Sherry Lane
0:46:16
Thanks for the question.
0:46:18
Since the beginning of the administration, the IBSPs have connected small businesses to a little bit over a 1000 loans, almost $170,000,000.
Amanda Farías
0:46:32
Do we do we know the average loan size?
0:46:36
Let's
UNKNOWN
0:46:40
see.
Amanda Farías
0:46:43
Do you it is Are you doing the math?
0:46:46
Oh, yeah.
0:46:47
Oh, yeah.
0:46:47
I was gonna say, I can divide those numbers too.
0:46:51
I'm just wondering if we
Sherry Lane
0:46:54
Or I could just get back to you
UNKNOWN
0:46:55
on that.
Amanda Farías
0:46:56
That's okay.
