The New York City Economic Development Corporation and Capital Business Credit has launched a new initiative to help emerging fashion designers. The New York City Fashion Production Fund is a $2 million fund that provides below-market rate production financing to fashion designers based in New York City, and is expected to issue as much as $32 million in financing over the next four years. According to NYCEDC president Kyle Kimball: “The Fashion Production Fund was created to cultivate the next generation of emerging designers and promote local production, as well as to attract new talent to one of the City’s legacy industries. We are thrilled to work with Capital Business Credit to identify, build, and sustain the next generation of fashion businesses.”
Designers that qualify (those that are based and doing business in NYC and manufacturing goods in NYC, and that have manufactured and sold goods for at least three seasons) may receive a variety of benefits, including access to loans that have a simple fee structure and the ability to work with existing and additional lenders and factors. Participants also receive mentoring, technical advisers and networking opportunities with industry experts.
The Fashion Production Fund marks the sixth initiative that NYCEDC has launched over the past four years in order to further New York's position as a global leader in fashion.