Press Release: New York Life’s Impact Investment Strategy Commits $50 Million to Momentus Capital to Support Flexible Small Business Loans for Underserved and Undercapitalized Communities
Innovative program offers flexible loan terms to deliver capital to an expanded pool of small business owners from underserved and undercapitalized communities who might not otherwise have access to credit
SEPTEMBER 12, 2023 (NEW YORK, NY; ARLINGTON, VA; WASHINGTON, DC) – New York Life and Momentus Capital today announced a commitment of $50 million by New York Life’s impact investment strategy to provide small business loans with flexible terms that are specifically intended to support entrepreneurs from underserved and undercapitalized communities.
This innovative program, the first of its kind from within the life insurance space, is designed to deliver an incremental source of capital to an expanded pool of business owners who might not otherwise have access to institutional markets. Featuring increased flexibility from a loan underwriting perspective, the program should expand small business financing opportunities for borrowers who often are not otherwise able to access this kind of capital.