Main Street Capital Loan Fund
Access up to $100,000 with minimal payments in the first year to start and grow your business
When you’re just starting your business, it takes time and capital to get it off the ground and on the road to success.
That’s where the Main Street Capital Loan Fund comes in. Through this $10 million fund in partnership with Empire State Development, you can access up to $100,000 with minimal payments in your first 12 months. You’ll get the capital you need to create a strong foundation and the breathing room to repay your loan as you focus on starting your business.
Competitive fixed interest rate
Only minimal payments for the first year
For startups and early-stage businesses
What is the Main Street Capital Loan Fund?
The $10 million Main Street Capital Loan Fund offers capital to New York-based start-ups and early-stage businesses up to four years in operation. Through this program, you can access up to $100,000 in funding at a fixed interest rate with affordable monthly payments.
Efforts will be made to ensure geographic distribution throughout NYS and serving Socially and Economically Disadvantaged Individual Owned Business (SEDI) and Very Small Business (VSB) entrepreneurs under 10 employees.
Main Street Capital Loan Fund Details
- Loan amount: $10,000 to $100,000
- Interest rate: fixed at 9.90%
- Term: up to 6 years; first year of only minimal payments (less than interest-only) with full principal and interest payments going forward, including first year of accrued interest
- Fees: 2% closing fee, or $500 if your loan amount is less than $25,000
- Time to funding: Completed applications are generally evaluated and funded within 4 weeks, subject to satisfactory documentation
Is the Main Street Capital Loan Fund right for me?
If you’re starting a New York-based business and you’ve been in operation for 4 years or less, you could be a good fit for the Main Street Capital Loan Fund! You’re a good candidate for the program if:
- You’re a New York-based business
- You’re a U.S. citizen/green card holder
- You’ve got a startup business with 2 years or less in operation, or you’re an early-stage business up to 4 years in operation
- Your business is not home-based (you’ll need an active commercial lease or an identified business location to apply)
- Your business has fewer than 100 employees
- The average personal credit score of all owners with 20%+ ownership is 640 or higher
- You don’t have any open liens or judgments
- You don’t have any prior bankruptcies for you or your business in the last seven years
- You can show that you’ve repaid previous government loans as agreed
- You’re current on your government and local taxes
- You have several years of demonstrated industry experience, preferably in a management capacity
If you’ve been in business for two to four years, you’ll also need to provide proof of sufficient cash flow for debt payments.
Please note that we do not lend to money-service businesses; “passive” businesses engaged in owning, purchasing, leasing, or re-selling real estate or other assets; or those operating in sin industries.
What can you use the Main Street Capital Loan Fund for?
You can use the Main Street Capital Startup Fund for nearly any business purpose. It’s a great solution for:
- Working capital
- Furniture, fixtures, machinery, and equipment
- Inventory
- Leasehold improvements
Please note that proceeds cannot be used for payment of back taxes owed; settlements of lawsuits, trade disputes, fines, or penalties; or personal, non-business uses.
What documents will you need to apply for the Main Street Capital Loan Fund?
The Main Street Capital Loan Fund application is a two-step process. First, you’ll complete a pre-application questionnaire and your answered will determine your eligibility for the program. If you’re eligible, you’ll then be invited to complete a full application and submit all required documents.
To submit a complete application, you’ll need the following:
- A written business plan, or equivalent document, and 2 years of financial projections (for businesses less than 2 years in operation)
- A demonstrated equity contribution or ability to inject new equity of at least 10% of your total project cost
- All owners with 20% or more ownership will need to submit:
- Resumes
- Government-issued photo IDs
- Personal financial statements
- Most recent 2 years of personal tax returns
- Most recent 2 months of personal bank statements
- For existing businesses, you’ll need:
- Most recent 2 years of business tax returns, if available
- Interim 2024 financials dated within 120 days, including profit & loss statement and balance sheet, for operating businesses
- Business debt schedule
- Most recent 2 months of business bank statements
When you apply for the Main Street Capital Loan Fund, you’ll be working with a lender with nearly 70 years of business lending experience. We’ll be with you every step of the way through the application process to answer your questions and guide you to the finish line. We look forward to learning more about your business and working together!
The Main Street Capital Loan Fund is made possible in partnership with Empire State Development.
Learn how other business owners have worked with Pursuit to reach higher:
Get started
Ready to fund your dream? Learn more about our small business loan application process and get started today.
