WE NYC, an initiative launched by the New York City SBS, just awarded its 100th grant for women entrepreneurs last week.
What is WE NYC?
WE NYC is an initiative committed to helping women start and grow their businesses. It emerged from the New York City Small Business Administration. In November 2017, they launched WE Fund: Crowd, a crowdfunding loan program for women entrepreneurs. So far, the program has helped over 100 New Yorkers access over $600,000 in 0% interest loans.
What are the benefits of applying?
It is notoriously hard to find capital for startups at first. Indeed, Gregg Bishop, Commissioner of the NYC Department of Small Business Services, explains: “while seventy percent of women entrepreneurs seek only $10,000 or less when launching a business, securing affordable and reliable capital can be immensely challenging.” WE NYC’s loan program is interest free, which can take off a burden for new entrepreneurs.
How does the loan work?
This initiative is a crowdfunding initiative, in which the NYC government is one of the business’s supporters. Therefore, the WE NYC website reads: “Participating in WE Fund Crowd means NYC will be your first lender, pledging 10%, or up to $1,000, of your crowdfunding goal. Friends, family, and new supporters … will know that WE NYC believes in your business and your dreams.”
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