MyCity
Get the Funds You Need to Take on City Contracts
If your business is working or bidding on a contract with a city agency or city-funded entity as a prime or subcontractor, you may be eligible for a Contract Financing Loan. Loan repayment terms are aligned with the project payment schedule.
Loans of up to $1,000,000 at a fixed annual interest rate of up to 3 percent are available to eligible businesses. Closing fees up to 3 percent may apply.
Loan Eligibility
To be eligible to apply for a loan, you must:
- Have an operating business
- Be seeking financing as a prime or subcontractor to use toward a contract with a city agency or city-funded entity
How It Works
- Step 1: Create/log in to your SBS Connect account
- Step 2: Fill out a request for financing assistance and select "Contract Financing"
- Step 3: An account manager at your local NYC Business Solutions Center or Industrial Business Service Provider will reach out within two business days
- Step 4: If eligible, the account manager will help you submit your completed loan application to the lender
- Step 5: The lender will review the application and determine whether to award a loan based on the application
Assignment of Payment
In some instances, there is a legal agreement through which a city agency agrees to assign payments due to the contractor vendor directly to a third party, known as an Assignment of Payment. To better understand the process, please refer to the Assignment of Payment Process guide.