New York State Contractor Financing ProgramNew York State Contractor Financing Program

Typical loan size

Up to $500,000

esd.ny.gov

Loan structure

Lines of credit or managed lines of credit

esd.ny.gov

Typical term

Generally under 18 months, tied to the contract completion timeline

esd.ny.gov

Loss coverage

50% of the lender's loss if no payment assignment is in place; 80% if an assignment of payment is set up

home.treasury.gov

SSBCI allocation

$37 million

esd.ny.gov

• Contractors with revenues up to $5 million and fewer than 100 employees.esd.ny.gov
• The contract must be prime or subcontract work in New York State funded by a New York State agency, municipality, county, town, village, school district or other government entity.esd.ny.gov
• Eligible uses: working capital, machinery and equipment, contract mobilization, advances against inventory, construction costs, purchase orders, payables and receivables, and contract finance costs.esd.ny.gov
• Not eligible: refinancing existing debt, residential construction (other than government-sponsored), tax or employee benefit arrears, speculative real property purchases, and loans to educational institutions, hospitals, nonprofits or lodging facilities.esd.ny.gov

• Loans are made by participating CDFIs, minority depository institutions, community banks, credit unions and other community lending institutions.esd.ny.gov
• Under federal SSBCI rules the lender gives the state assurances that the supported loan is not made to move the lender's prior uncovered debt into the program, is not a refinancing of the lender's or an affiliate's own earlier loan (except as the refinancing rules allow), and that no principal of the lender has been convicted of a sex offense against a minor.home.treasury.gov
• Under federal SSBCI rules the lender must obtain an assurance from the borrower that no principal of the borrowing business has been convicted of a sex offense against a minor.home.treasury.gov

• Each participating lender sets its own underwriting and loan terms.esd.ny.gov
• Under federal SSBCI rules, refinancing debt originally made by an unaffiliated lender is allowed only if the new amount is at least 150 percent of the previous outstanding balance, the fee-adjusted APR falls by 30 percent, and proceeds do not fund an extraordinary dividend or distribution.home.treasury.gov

• Program pageTreasury SSBCI Capital Program Summaries: New YorkVersion Program information updated March 2026home.treasury.gov
• GuideSSBCI Capital Program Policy Guidelines (U.S. Treasury)Version November 2021home.treasury.gov
• GuideSSBCI Frequently Asked Questions (U.S. Treasury)Version Updated November 10, 2026home.treasury.gov

• Nov 10, 2026Guide

  Treasury publishes SSBCI post-program FAQs

  Treasury's authority to run the SSBCI Capital Program ends on March 11, 2028. SSBCI money already sent to a state stays with the state after that date, and from then on a state may end a program, add one, change its scope or move funds between programs without Treasury approval. States may submit material modification requests to Treasury until September 30, 2027.

  What to do: Expect the state to be free to change or close this program after March 11, 2028. Confirm the current terms with the program office before relying on them for loans that will be enrolled or claimed after that date.

  Read the source
• Oct 30, 2025Guide

  Treasury sets the final SSBCI disbursement deadlines

  Treasury cannot transfer SSBCI Capital Program funds to states after March 11, 2028, and states must submit final disbursement requests by December 31, 2027. Treasury expects to terminate a state's second and third tranches if, within three years of its allocation agreement, the state has not used at least 80 percent of its first tranche and asked for the next disbursement.

  What to do: Program capacity beyond the tranches the state has already received depends on the state meeting these deadlines. Check with the program office that funds are available before committing a borrower to an SSBCI-supported structure.

  Read the source

ESD does not publish a lender application for this program. A lender interested in joining should contact the program at NYSCFP@esd.ny.gov, the contact Treasury lists for it. Contractors apply directly to one of the participating lenders listed on ESD's program page.

• ESD Contractor Financing Program (NYSCFP@esd.ny.gov)
• Program page and participating lenders