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FNFG unveils $500,000 microloan fund

Rochester Business Journal
March 5, 2014

Small businesses in Rochester that do not qualify for conventional funding can get up to $25,000 through a microloan fund launched Wednesday by First Niagara Financial Group Inc.

The Buffalo-based bank will partner with the city in administering the loans from the $500,000 fund. Pathstone Corp. will serve as underwriter and provide technical assistance.

The loans can be used to acquire real estate, for construction and rehabilitation, for equipment and machinery purchases, for inventory and for working capital, officials said.

“First Niagara is committed to revitalizing Rochester’s neighborhoods,” said Suzanne Nasipak-Chapman, the bank’s market executive in Rochester. “We hope that by helping to build business in Rochester, we are also building a better future for our community.”

The fund will provide an additional source of opportunity for Rochester, Mayor Lovely Warren said.

“The First Niagara microloan fund will provide much-needed capital in parts of the city that are too often overlooked by traditional lenders, which will give our entrepreneurs the leverage they need to either start a business or take an existing business to the next level,” she said.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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