(NYBDC) and the New York State Common Retirement Fund to significantly increase its loans to minority- and women-owned businesses.
Carl McCall, has committed $200 million to NYBDC to fund small business loans and expand outreach efforts to women-and minority-owned businesses.
Of particular note is that this is the first time in its 40-year history that the NYBDC has participated directly with a member bank to grant loans.
NYBDC's staff will assist Carver in underwriting, structuring, evaluating and processing the loans.
"Programs like REDAC and NYBDC, on the other hand, are designed to look beyond the numbers and factor in things like the character of the business owner."
Its approved NYBDC loan is funding Blue Mountain's first retail outlet on the ground level of its manufacturing and bottling plant at Intervale Avenue and 169th Street.