NYC Fashion Production Fund Helps Emerging Designers with Financing
In an effort to continue to keep New York City at the forefront of fashion, Capital Business Credit has partnered with the NYCEDC to launch the NYC Fashion Production Fund. This program will help emerging designers that are based in New York and manufacture in the city with production financing at below market rates.
JoBeth Tananbaum of Capital Business Credit said that "The Fund was started to provide companies with affordable financing opportunities. We believe that by developing long-term financing relationships with designers, the Fund can help these brands achieve significant growth regardless of whether they have produced 4 or 14 seasons. Ideally, we are looking to work with designers that have found a place for themselves in retail as well as an interested customer."
The initiative is also about fostering growth through guidance. In the Fund's second phase, a mentorship program will be launched which will consist of seasoned executives in a variety of fields that will be able to advise loan recipients.
Designers interested in participating must meet the following criteria:
- Be based and doing business in New York City
- Manufacture goods in New York City
- Provide detailed documentation of all approved customer and vendor purchase orders
- Demonstrate a source of repayment to the NYCFPF upon shipment of finished inventory to the customer
- Have manufactured and sold goods for a minimum of 3 seasons, subject to exception
To learn more and apply, visit the NYC Fashion Production Fund.
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