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Today, in Loans

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Things might soon be looking up for NYC designers strapped for cash. The New York City Economic Development Corporation is looking for a financial partner to help back the NYC Fashion Production Fund: a program that would dish out loans of about $75,000 to $150,000 a pop to local designers. They're looking to secure $5 million in funding, and need about $4 million more to hit that goal. If that happens, the program will be able to offer the loans, along with mentorship programs on building a successful business. For the city, it's win-win: One condition is that the designers produce their garments at local factories. [WWD]