Mar
26
NYCEDC is launching the NYC Fashion Production Fund that will offer needed capital to designers manufacturing their own clothing lines, and is currently seeking a financial institution to operate the fund. Specifically, the NYC Fashion Production Fund will provide loans for the production of goods by emerging fashion designers who need to fulfill a purchase order from a retailer but can’t obtain conventional financing. The fund will only be available to New York City-based fashion designers and will require the designers to use local New York City factories to make their products. The total fund size is anticipated to be $5 million, seeded with $1 million from NYCEDC and the remaining $4 million to be identified by the selected operator. NYCEDC President Seth Pinsky said: “Access to capital is often one of the biggest hurdles to the success of startup companies both in New York City and across the country. Through the NYC Fashion Production Fund we are seeking to help lower this significant barrier, thereby furthering the chances that the City’s emerging fashion designers will successfully launch new product lines and develop the major fashion labels of tomorrow.” Read more in The Wall Street Journal, and download the RFP via our website. Find out more about NYCEDC’s initiatives to support the fashion industry in NYC.

NYCEDC is launching the NYC Fashion Production Fund that will offer needed capital to designers manufacturing their own clothing lines, and is currently seeking a financial institution to operate the fund.

Specifically, the NYC Fashion Production Fund will provide loans for the production of goods by emerging fashion designers who need to fulfill a purchase order from a retailer but can’t obtain conventional financing. The fund will only be available to New York City-based fashion designers and will require the designers to use local New York City factories to make their products. The total fund size is anticipated to be $5 million, seeded with $1 million from NYCEDC and the remaining $4 million to be identified by the selected operator.
 
NYCEDC President Seth Pinsky said:

“Access to capital is often one of the biggest hurdles to the success of startup companies both in New York City and across the country. Through the NYC Fashion Production Fund we are seeking to help lower this significant barrier, thereby furthering the chances that the City’s emerging fashion designers will successfully launch new product lines and develop the major fashion labels of tomorrow.”

Read more in The Wall Street Journal, and download the RFP via our website. Find out more about NYCEDC’s initiatives to support the fashion industry in NYC.

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