Who is able to apply to the NYC Fashion Production Fund?
NYC-based designers who produce the merchandise being submitted for funding in NYC and who have preferably been in business for a minimum of 3 seasons are eligible for the NYCFPF.
Do I have to manufacture in NYC to apply for the NYCFPF?
Only goods manufactured in NYC are eligible for funding through the NYCFPF.
I don’t fulfill all of the eligibility requirements. Should I still submit a questionnaire?
If you do not fulfill the eligibility requirements you are welcome to fill out a questionnaire or contact CBC directly to find out how to increase your eligibility prospects.
What is the typical size and average length of a loan?
Loans range in size from $50,000-$300,000 and last anywhere from 30-120 days. Exceptions can be made on a case-by-case basis and at the discretion of the Fund Administrator and the NYCEDC.
How does the loan get repaid?
The loan is repaid by the lender or factor upon shipment of the finished goods to the customer. Therefore, the entirety of the loan is repaid upon assignment of the receivables (finished goods) to the agreed upon lender or factor.
Are there fees associated with applying to the Fund?
Yes. An application and due diligence fee of $250 is to be paid by check to “NYC Fashion Production Fund LLC” upon submission of a completed application.
Where can I get an application?
In order to apply to the NYCFPF, applicants must first complete the questionnaire available under the “Apply” tab of this website. This questionnaire allows the Fund Administrator to determine eligibility. All applicants will be notified via email whether or not they qualify for the Fund, but only eligible applicants will receive a full application.
When will I receive notice that I am accepted/not accepted into the Fund?
Upon submission of the questionnaire, applicants will be notified within 3-5 working days whether or not they are eligible to fill out the full NYCFPF application.
Those applicants who complete the NYCFPF application will be notified within 5-7 working days of receipt of the $250 application fee and a completed application whether the applicant qualifies for further due diligence. Time to receipt of a commitment to fund can vary based on the amount of due diligence required, but typically it is in the range of 2-4 weeks.
Can I reapply?
Yes; designers who are not accepted are encouraged to reapply upon receipt of confirmed purchase orders for their next season. A new questionnaire and application will be required upon reapplication.
Designers accepted into the NYCFPF are also entitled to reapply. These designers will be entitled to a shorter application process, and should contact CBC directly upon receipt of confirmed customer orders.
If I reapply, do I have to pay the $250 fee again?
Designers not previously accepted into the NYCFPF are required to pay the $250 fee when reapplying to cover the new round of due diligence resulting from the new and updated application materials.
How many times can I apply within a single season?
Designers are entitled to apply for only one round of PO funding per season, so reapplication can happen only upon receipt of orders for a new season.