Empire State Development Corporation
Administration of Minority and Women-Owned Business Development and Lending Program The Minority and Women-Owned Business Development and Lending Program was created in 1987 to facilitate the flow of lending and investment capital to minority and women-owned business enterprises (MWBEs). In the program, grants and low-interest loans are made available to the targeted population through the assistance of financial institutions and not-for-profit organizations. The program is administered by the Empire State Development Corporation (ESDC). We found that a number of improvements were needed if the program was to be effective. In particular, a high percentage of program funds sat idle due to a lack of eligible projects. We also found that funded projects were often delayed, and funds that were earmarked for technical assistance could be used for administrative purposes instead.
For a complete copy of Report 2001-S-55 click here.
For a copy of the 90-day response click here.
For a copy of the associated follow-up report click here.