Request for Applications for New York State Minority and Women Revolving Loan Trust Fund

Empire State Development is requesting applications for Administering Corporations to manage the Minority and Women Revolving Loan Trust Fund, with applications due August 31, 2026 at 3:00 PM ET. A total of $15 million has been allocated to the program, with individual awards of up to $1 million per administering entity. This is a set-aside for entities serving minority-owned business enterprises (MBEs) and women-owned business enterprises (WBEs).

Eligible applicants are empire zone capital corporations, community-based local development corporations, industrial development agencies, local and community development corporations, or federally certified Community Development Financial Institutions (CDFIs) with demonstrated capacity to analyze loan applications, monitor portfolios, and provide technical assistance. Applicants must establish a loan committee of at least six members with at least one-third minority persons and one-third women.

The administering corporations will originate revolving loan funds providing working capital loans up to $35,000 and real property or equipment acquisition loans up to $50,000 to independently owned MBEs and WBEs with no more than 100 employees across New York State. Ineligible projects include tax or benefit arrearages, business relocations (with limited exceptions), media operations, medical facilities, refinancing, and most retail projects. Grant funding operates on a revolving basis, with repaid principal and interest retained by administering corporations to support administrative costs and new lending.

There is no cost-match requirement; indirect costs are prohibited. ESD will disburse 70% of awards upon grant agreement execution and 30% upon documentation that 80% of the first disbursement has been committed or disbursed. Questions are due August 14, 2026 at 5:00 PM ET, with ESD responses due by August 19. Anticipated award announcement is September 2026, with contract start in October 2026.

Evaluation criteria are weighted as follows: track record in M/WBE lending (30%), lending capacity (25%), strategic vision (15%), institutional capacity (10%), organizational stability (10%), application completeness (5%), and regulatory compliance (5%). Applications must be submitted through Submittable.