NYCEDC Seeking Financial Institution for Fashion Fund

HAVE A SPARE $4 MILLION?: The New York City Economic Development Corporation said it is seeking a financial institution to operate the NYC Fashion Production Fund aimed at providing loans for emerging fashion designers to produce their lines. The fund will be available only to New York-based fashion designers and will require them to use local factories to make their products. The total fund size is anticipated to be $5 million, seeded with $1 million from NYCEDC and the remaining $4 million to be identified by the selected operator. The average loan, meant to help designers in material purchasing and manufacturing, is expected to range from $75,000 to $150,000. The fund is expected to also provide guidance and mentorship on business expansion, operation and development.