NEW YORK CITY - New York City is launching the Bridge to Success program to expand access to short-term loans for minority and women-owned business enterprises.

Gov. Andrew Cuomo says five lenders are participating in the program so far, including Carver Federal Savings Bank, which has locations all over the city. 

Officials say loans through the program will typically be less than $200,000 with terms under two years. The money will allow qualified businesses to hire staff, buy material an purchase necessary equipment.