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Read the press release here.

Christine Quinn Launches Loan Program for Small Business

By Test Reporter | April 20, 2010 5:37pm | Updated on April 20, 2010 6:57pm

By Alexandra Cheney

DNAinfo Reporter/Producer

TRIBECA —  City Council Speaker Christine C. Quinn launched a program Tuesday to help small businesses hurt by the credit crunch get back on their feet by giving them a second chance at loans they had previously been rejected for.  

City agencies and more than a dozen banks have partnered in the "Credit for Success - Second Look" program to create a pool of money to loan to qualified small businesses.

Quinn said she specifically hopes to provide loans to small businesses that have a promising entrepreneurial vision but lack capital.

"...Without small businesses, this City would not have the economic dynamism nor charm that we all have come to appreciate," Quinn said in a statement.

Loan amounts will range from $25,000 to $150,000, depending on the business. In order to qualify for a loan, applicants must agree to business counseling from the Small Business Development Center, as well as meet the eligibility requirements of the U.S Small Business Administration.

"Small businesses provide 60 percent or more of new jobs. We want to make sure they have resources," said Rep. Nydia M. Velázquez, the Chairwoman of the U.S. House Committee on Small Business.

The Second Look program has the support of Senator Chuck Schumer and has already proven successful in other parts of New York State.