FOR BREAKING NEWS VISIT WWW.QNS.COM NOVEMBER 21, 2019 • THE QUEENS COURIER 11
City accepting applications for initiative
off ering credit to women entrepreneurs
BY BILL PARRY
bparry@schnepsmedia.com
@QNS
Th e city has launched a new initiative to
help women entrepreneurs.
Th e Department of Small Business
Services, the city’s Economic Development
Corporation, Goldman Sachs 10,000
Small Businesses, Squarespace and
Fundation announced a public-private
partnership to provide approximately $5
million to the new program, WE Fund
Credit, which will provide New York City
women-owned businesses with lines of
credit up to $10,000 at favorable interest
rates, including those businesses with limited
credit history, and a path to improve
their credit scores.
“Women entrepreneurs face gendered
barriers to fi nancing that prevent them
from starting and growing businesses that
support our local economy and uplift
our communities,” Department of Small
Business Services Commissioner Gregg
Bishop said. “With WE Fund Credit, we’re
breaking down these barriers by off ering
aff ordable credit options to women entrepreneurs
across the fi ve boroughs.”
Th is investment is accompanied by an
over $1 million loan loss reserve fund
provided by Squarespace, Goldman
Sachs 10,000 Small Businesses and the
NYCEDC. Credit solutions provider
Fundation is providing the platform
through which women entrepreneurs can
access and manage lines of credit. Th e
Goldman Sachs Foundation plans to provide
a $300,000 grant to support technical
assistance and outreach for the program.
“Despite the incredible growth, female
entrepreneurs are still far from reaching
gender parity,” Councilwoman Adrienne
Adams said. “Access to capital is a major
issue which can present a signifi cant barrier
as female entrepreneurs continue to
play catch-up to their male counterparts.
I applaud Small Business Services for
responding to the needs of women-owned
businesses by supporting the WE Fund
Credit program.”
Eligible applicants must be in business
for a minimum of one year, have at
least $50,000 in annual revenue, and have
FICO scores of at least 620. Interested
women can visit we.nyc to learn more
and apply.
According to the city’s Unlocking the
Power of Women Entrepreneurs report,
70 percent of women entrepreneurs cited
access to capital as a major challenge
when starting and growing their companies.
Many entrepreneurs rely on personal
credit cards and payday lenders, which
lend at interest rates that are more than
30 percent.
“No one should be denied the chance
to further their success in business due
to their gender,” Squarespace Senior
Marketing Manager Anna Stalling
said. “Our mission at Squarespace is to
empower anyone with a creative idea
to succeed. WE Fund Credit is leveling
the playing fi eld for women-identifying
entrepreneurs to build businesses
that shape our local communities, provide
jobs and contribute to our hometown
economy.”
Photo courtesy of Common Sense Leadership
The city is off ering women-owned businesses aff ordable lines of credit at favorable interest rates.
Great rates like ours are always in season.
6-Month
1.75%
CD or IRA CD APY1
$5,000 minimum deposit
12-Month
CD or IRA CD 1.90%
APY1
$5,000 minimum deposit
To qualify you must have or open any Flushing Bank Complete Checking account2 which provides you
with access to over 55,000 ATMs, ATM fee rebates, mobile banking and mobile check deposit. Plus, you
can qualify for additional cash bonuses of up to $300.3,4,5
For more information and to find out about our other great offers, visit your local Flushing Bank branch,
call 800.581.2889 (855.540.2274 TTY/TDD) or visit www.FlushingBank.com.
Small enough to know you.
Large enough to help you.®
1) New money only. APY effective November 15, 2019. Annual percentage yield assumes principal and interest remain on deposit for a full year at current rate. Minimum deposit balance of
$5,000 is required. Funds cannot be transferred from an existing Flushing Bank account. For new IRA and rollover accounts, the minimum deposit balance is $5,000. Premature withdrawals
may be subject to bank and IRS penalties. Rates and offer are subject to change without notice. 2) New money required for new checking accounts only. A Flushing Bank checking account
with a $5,000 minimum balance is required to receive the advertised rate. Certain fees, minimum balance requirements and restrictions may apply. Fees may reduce earnings on these
accounts. A checking account is not required for IRA accounts. 3) New Complete Checking account with new money only. Existing checking account customers are not eligible. A new
checking account is defined as any new checking account that does not have any authorized signatures in common with any other existing Flushing Bank checking account(s). An existing
checking customer is defined as anyone who currently has or has had a Flushing Bank checking account within the last 24 months. New money is defined as money not currently on deposit
with Flushing Bank. 4) The Cash Bonus is limited to one (1) account credit per new Complete Checking account. To qualify for the Cash Bonus, a new Complete Checking account must be
opened with a minimum opening balance of $1,000 or more. The Cash Bonus credit will be based on the monthly average account balance of the first three (3) full months after account
opening. The monthly average account balance tiers and respective account credits are as follows: Tier 1: $1,000 - $4,999 a $10 account credit, Tier 2: $5,000 - $9,999 a $50 account
credit, Tier 3: $10,000+ a $100 account credit. The Cash Bonus credit will be posted to the account on or about the end of the subsequent month following the account’s three (3) month
anniversary. A 1099 will be issued in the amount of the account credit. The new Complete Checking account must remain open, active and in good standing for six months. If the account
is closed prior to six months or prior to receiving the credit, the account credit will be forfeited. Other fees and restrictions may apply. Notwithstanding the Cash Bonus offer, a minimum
deposit of $25 is required to open the Complete Checking account. 5) This offer is limited to one Complete Checking account per household. Minimum deposit required to open a new
Complete Checking account is $25. No minimum balance required to be eligible for the Bonus. Direct Deposit– You will receive $100 for signing up for and receiving a recurring direct
deposit. Each direct deposit must be $250 or more. Tax refund checks do not qualify as direct deposit. Direct Deposits must be completed prior to 90 days after the account is opened.
Debit Card Purchases – You will receive $50 for the completion of 5 debit card purchases. Each debit card purchase must be $25 or more. Online Banking bill payments – You will receive $50
for completing 5 online banking bill payments via Flushing Bank’s Online Banking portal. Each online bill pay must be $25 or more. Debit Card Purchases and Online Banking bill payments
must be completed prior to 60 days after the account is opened. THE MAXIMUM AMOUNT ANY CUSTOMER CAN RECEIVE IS $200. The compensation will be credited to the checking
account on or about the end of the month following the completion of the above qualifying transactions within the required time after account opening. A 1099 will be issued
in the amount credited to your account. Other fees and restrictions may apply. The promotion and offer are subject to change and termination without prior notice at any
time. Flushing Bank is a registered trademark
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