CCNY Job Creation Revolving Loan Fund: Capital, Technical Assistance, and Workforce Development to Help Small Businesses Create Quality Jobs for Low-Income Individuals - Community Capital New York (CCNY) will use $800,000 in CED funds to establish a revolving loan fund in Elmsford, New York. This revolving loan fund will be accessible to communities across the New York Metropolitan service area, including Bronx, Kings, Queens, and Westchester Counties in New York, and Fairfield County in Connecticut. The first recipients to receive low-interest loans will be Classic Labels, a label manufacturer in Bronxville, New York, Globosa Security Services, LLC, a security detail providing services to schools, hospitals, financial institutions, and other businesses in Bronx, New York, Hopeful Cleaning, a commercial cleaning services provider in Danbury, Connecticut, and Iraklis Packing, a freight company specializing in containerized shipping between Greece and the United States in Astoria, New York. Uses of capital will include purchasing equipment and materials, labor, and procuring contractor services. In addition to loan capital, CCNY will also provide business owners with technical assistance services to help them strengthen their business models, improve record-keeping, manage capital, expand operations, and create jobs. This project will create high-quality jobs in the administrative, marketing, janitorial, security, transportation, and packaging industries. Most of the jobs created will provide employees with health care and paid time off, and all of the jobs created will offer flexible and predictable work arrangements. CCNY will also partner with two workforce development agencies to recruit individuals with low incomes to fill the jobs created and offer new employees case management services to support job retention. This project will create 29 new jobs, 22 of which will be filled by individuals with low incomes.
