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Fashion designers can now apply for New York City Fashion Production Fund

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On Monday, the New York City Economic Development Corporation and Capital Business Credit LLC launched the New York City Fashion Production Fund to help emerging fashion designers.

The New York City Fashion Production Fund is a $2 million initiative that provides below-market rate production financing to fashion designers based in New York City. The Fund could issue as much as $32 million in financing over the next four years.

“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,” NYCEDC president Kyle Kimball said in a statement. “We are thrilled to work with Capital Business Credit to identify, build, and sustain the next generation of fashion businesses.”

Designers receive a variety of benefits, including access to a loan that has 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.

Loans range from $50,000 to $300,000 and last anywhere from 30 to 120 days. Applicants must pay an application and due diligence fee of $250.

To qualify for the fund, designers must be based and doing business in the city and be manufacturing goods in the city. They also have to manufactured and sold goods for at least three seasons, though there are some exceptions.

The Fashion Production Fund is one of six initiatives that NYCEDC launched in November 2010 to continue the city's stance as a global leader in fashion. The other initiatives offer financial grants to factories and introduce interns, graduate students and emerging professionals to careers in the business side of fashion, for example.

In January 2010, the city conducted "Fashion.NYC.2020," a yearlong study looking at the challenges that the fashion industry is facing. NYCEDC launched the initiatives after conducting surveys and interviews with more than 500 industry professionals.

Visit the initiative's official website for more information about loan guidelines and eligibility requirements. Those interested in participating in the fund must download, fill out and email a questionnaire. Eligible applicants will then receive an application for the fund.

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