Main Street Capital Loan Fund

The $10 million Main Street Capital Loan Fund offers capital to New York-based start-ups and early-stage businesses up to four years in operation. Through this program, you can access up to $100,000 in funding at a fixed interest rate with affordable monthly payments.

Efforts will be made to ensure geographic distribution throughout NYS and serving Socially and Economically Disadvantaged Individual Owned Business (SEDI) and Very Small Business (VSB) entrepreneurs under 10 employees.

You can use the Main Street Capital Startup Fund for nearly any business purpose. It’s a great solution for:

• Working capital

• Furniture, fixtures, machinery, and equipment

• Inventory

• Leasehold improvements

Please note that proceeds cannot be used for payment of back taxes owed; settlements of lawsuits, trade disputes, fines, or penalties; or personal, non-business uses.

If you’re starting a New York-based business and you’ve been in operation for 4 years or less, you could be a good fit for the Main Street Capital Loan Fund! You’re a good candidate for the program if:

• You’re a New York-based business

• You’re a U.S. citizen/green card holder

• You’ve got a startup business with 2 years or less in operation, or you’re an early-stage business up to 4 years in operation

• You have an active commercial lease, identified business location, or proof of operation outside the home to the satisfaction of the lender

• Your business has fewer than 100 employees

• The average personal credit score of all owners with 20%+ ownership is 640 or higher

• You don’t have any open liens or judgments

• You don’t have any prior bankruptcies for you or your business in the last seven years

• You can show that you’ve repaid previous government loans as agreed

• You’re current on your government and local taxes

• You have several recent years of demonstrated industry experience, preferably in a management capacity

• Your principal(s) and/or business have no felony history

If you’ve been in business for two to four years, you’ll also need to provide proof of sufficient cash flow for debt payments.

Please note that we do not lend to money-service businesses; “passive” businesses engaged in owning, purchasing, leasing, or re-selling real estate or other assets; or those operating in sin industries.

Complete a pre-application questionnaire and your answered will determine your eligibility for the program. If you’re eligible, you’ll then be invited to complete a full application and submit all required documents.

To submit a complete application, you’ll need the following:

• A written business plan, or equivalent document, and 2 years of financial projections (for businesses less than 2 years in operation)

• A demonstrated equity contribution or ability to inject new equity of at least 10% of your total project cost

• All owners with 20% or more ownership will need to submit:

  • Resumes

  • Government-issued photo IDs

  • Personal financial statements

  • Most recent 2 years of personal tax returns

  • Most recent 2 months of personal bank statements

• For existing businesses, you’ll need:

  • Most recent 2 years of business tax returns, if available

  • Interim 2024 financials dated within 120 days, including profit & loss statement and balance sheet, for operating businesses

  • Business debt schedule

  • Most recent 2 months of business bank statements