Provision of bridge loans to contractors.

A Local Law to amend the administrative code of the city of New York, in relation to the provision of bridge loans to contractors

Due to a slow procurement process, many entities that enter into contracts with city agencies begin to provide services before the agency can pay them. This can make it difficult for contractors to cover their expenses. This bill would require that certain not-for-profit corporations that contract with the Department of Small Business Services to provide economic development services for New York City provide bridge loans to contractors who have contracts with the City that are valued at no more than $500,000 and who are not receiving payments from the City in a timely manner.