A new fund has been established to assist emerging designers producing product in New York. Established by the New York City Economic Development Corporation and Capital Business Credit, the fund will fill a critical gap in the industry by providing financing at below-market rates. The Fashion Production Fund includes mentorship opportunities with seasoned executives in the fashion industry and is hoped to significantly strengthen the city's status as the premier destination for new fashion talent. Fashion is a $98 billion dollar industry that employs more than 180,000 people in New York, accounting for $10.9 billion in wages and $2 billion in tax revenue each year. The fund is seeking designers who are based in New York, have designed a minimum of three seasons since inception, and have purchase orders from confirmed credit-worthy customers. Interested designers can apply online for the fund by visiting NYCFashionProductionFund.com.
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