New York State Contract Financing Program
Fund your next contract opportunity with the State of New York through Pursuit.
Bidding on a contract opportunity with New York State-based government agencies is a competitive process. In order to be successful, you’ll need to ensure you have enough capital to cover the cost of fulfilling the contract to put forth a competitive bid. Luckily, there’s a financing option specifically designed for that need.
The New York City Contract Financing Loan Fund can provide you with a line of credit to help you take on contract work and open a world of opportunity. If your business is bidding on or currently working on a project in New York State that receives all or some of its funding from a legally recognized government entity, you may be eligible for the program.
Low interest rate
Interest-only payments
Available to prime and subcontractors
NYS Contract Financing Program Details
- Loan amount: Up to $500,000
- Interest rate: up to 11.9%
- Term: aligned with project payment schedule
- Fees: up to 5%, which will be financed into the loan
- Time to funding: approvals and disbursement of funds are provided on a case-by-case basis, but generally take place between 3 to 4 weeks for a decision and an additional 4 to 6 weeks for disbursement.
Is the NYS Contract Financing Program through Pursuit right for me?
The NYS Contract Financing Program is specifically for businesses bidding on a contract in New York State that receives funding from a state agency, municipality, county, town, village, school district, or other legally recognized government entity. To qualify for Pursuit’s program, you must have:
- One or more years in business
- Positive cash-flow
- Personal credit score of 640 or higher
- $100,000+ in annual revenue
To apply, you’ll need to provide some standard information about your business, as well as:
- The size, scope and cash requirements of the contract project
- The name of the agency providing the contract, the contract category, and contract type
- A capabilities statement to demonstrate your business’s experience in contracting with government agencies, including the agencies you’ve previously worked with, the number of contracts you’ve completed and the dollar amounts for those projects.
Contract opportunities are available across nearly all industries, from commercial cleaning services to child care, and from building construction to furnishings, landscaping and maintenance.
What can you use the NYS Contract Financing Program through Pursuit for?
Funds from the NYS Contract Financing loan fund can only be used for contract-related expenses. The funds you’ll access through the line of credit can only be applied to the contract used for your application. Many businesses use the program to cover the cost of:
- Payroll expenses for staff working on the contract
- Purchasing equipment
- Contract-related supplies and materials
- And more
If you need additional support, reach out to our team of experts. You can find help with creating an executive summary, financial projections, work-in-progress reports and more. Fund your next New York State contract through Pursuit. With the right plan and the right funding, opportunity is yours.
