The New York City Economic Development Corporation and Capital Business Credit have joined forces to launch the New York City Fashion Production Fund.
The $2 million public-private fund will provide financing for production at below-market rates to emerging New York City-based designer brands in order to bolster manufacturing in the five boroughs. Five to 10 labels are expected to benefit from the first round of financing, according to JoBeth Tananbaum, director of the New York City Fashion Production Fund. Loan recipients will have 60 to 120 days to pay off their loans, which will range from $50,000 to $300,000.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"