These banks strengthen the fund through the large equity base they have provided as well as through the services they will contribute to help reduce operating costs," says Jill Considine, president of the New York Clearing House and chairman of the NYCIC.
The remaining NYCIC financing will be available for equity mortgages for developers of small commercial properties as part of community redevelopment projects.
To be eligible for NYCIC funds, "companies must exhibit growth potential and demonstrate sound and committed management," says NYCIC President and CEO Howard Sommer.
The NYCIC is looking to assist an under-served segment of the business community, he adds.
Clearing House banks created the NYCIC in much the same vein as when they funded the Community Preservation Corp.