by Lester Brathwaite on
If you’re an emerging New York-based designer, you can start looking forward to some good news from the city. The New York City Economic Development Corporation (or the ungainly acronym, NYCEDC) is in the midst of creating the NYC Fashion Production Fund, with the goal of providing loans for up-and-coming fashion designers to produce their lines. The only catch? They kind of need $4 million first.
The NYCEDC is currently seeking a financial institution to back the Production Fund and add to the $1 million it’s already seeded for the project.
Once the Fund gets off the ground, however, designers will be able to receive loans ranging from $75,000 to $150,000 for materials and manufacturing costs, as long as they use local factories in their production. The NYC Fashion Production Fund will only be available to New York-based designers and will also offer guidance and mentorship — sort of like the CFDA/Vogue Fashion Fund but without Anna Wintour breathing down your neck. [WWD]