NYC, Goldman Sachs, Foundations, Team Up to Offer Funding For Women Entrepreneurs [VIDEO]

New York City is partnering with Goldman Sachs, Squarespace, Foundation Group LLC, to launch a new program, WE Credit to provide up to 250 women entrepreneurs access to lines of credit averaging $50,000 at below-market interest rates.

WE Credit is made possible through a public-private partnership between the City, Goldman Sachs, Squarespace and Fundation. Goldman Sachs 10,000 Small Businesses will provide $5 million to finance lines of credit to women entrepreneurs. This investment is accompanied by a $1 million loan loss reserve fund provided by Squarespace and the New York City Economic Development Corporation, which will cover potential defaults. Fundation, a credit solutions provider, will provide the platform through which women entrepreneurs can access and manage the lines of credit.

“To truly become the fairest big city in America, we need to give everyone an opportunity to participate in our economy – regardless of your gender, race or ethnicity,” Mayor Bill de Blasio said “That means breaking down barriers and providing the resources people need to establish, grow and sustain their businesses. With WE Credit, we’re breaking down barriers to capital and ensuring women entrepreneurs aren’t left out of the economic opportunity this city has to offer.”

To apply for the program or learn more information, visit We.NYC

For more breaking news and events follow us on Twitter and Instagram @NYCWired. Watch this week’s show “New York City Wired” below.