Empire State Development (ESD) is seeking applications from eligible organizations to administer a Minority and Women Revolving Loan Trust Fund (MWRT Fund) account of up to $1,000,000. The total program allocation is $15,000,000. The MWRT Fund provides working capital loans up to $35,000 and loans up to $50,000 for real property, machinery, and equipment to minority-owned business enterprises (MBEs) and women-owned business enterprises (WBEs) in New York State. Applications are due by August 31, 2026, 3:00 PM ET. Eligible applicants include Empire Zone Capital Corporations, community-based local development corporations, industrial development agencies, not-for-profit entities, and federally certified Community Development Financial Institutions (CDFIs). Applicants must demonstrate lending capacity, expertise, and linkages with other service providers. Indirect costs are prohibited. Awarded grantees will be required to track and report data. All applicants must register in the New York State Grants Gateway system and comply with State Finance Law sections 139j and 139k.
Applications are due on or before August 31, 2026, by 3:00 PM ET. Late applications will not be accepted.
Evaluation criteria include track record, lending/underwriting capacity, strategic vision, institutional capacity, organizational stability, application completeness, and regulatory compliance. ESD will balance individual application scores with priorities for geographic distribution.
Eligible applicants must be in good standing with New York State and ESD, be an eligible entity type (Empire Zone Capital Corporation, community-based LDC/IDA, not-for-profit, or CDFI), identify a service delivery region, have sufficient expertise, establish a loan committee, obtain New York State prequalification, primarily focus on MWBE/small business lending, be legally able to receive funds, meet other requirements, be current with ESD reporting, and demonstrate strong lending capacity and linkages with other service providers.
Violation of State Finance Law provisions can result in disqualification from eligibility for an award and debarment from future New York State governmental procurement contracts. If an applicant is found to have knowingly and willfully violated the State Finance Law provisions, that applicant and its subsidiaries, related or successor entities will be determined to be a nonresponsible applicant and will not be awarded any contract issued pursuant to this solicitation.
Disqualification can occur for violating conflict of interest provisions, offering gifts to influence ESD staff, or knowingly and willfully violating State Finance Law sections 139j and 139k. Violation of this restriction will disqualify an applicant's proposal from the competition.