New York State
 
Below you can access information about federal, state, and city resources in regards to coronavirus (COVID-19).
New York State Coronavirus Resources

U.S. Small Business Administration Website

The SBA is a federal agency that offers two key longer-term financing programs that enable new or expanding small businesses to secure permanent working capital and purchase equipment and/or real estate.

SBA 7(a) Loan Program:

  • Participating lenders receive a guarantee that the SBA will repay up to 85% of the loan if the business borrower defaults on payments

  • Loans of up to $5 million and terms of 25 years for real estate, 10 years for equipment, and 7 years for working capital

  • Eligible uses: working capital, inventory, machinery, real estate purchases, and refinancing debt

  • Guarantee fee ranging from 2% to 3.75%, the cost of which can be included in the loan amount

SBA 504 Loan Program:

  • Borrower requirements of only 10% equity contribution - loans are administered through a partnership between an SBA-approved lender that covers 50% of the project cost and a community development corporation that funds up to 40%

  • Loans of up to $5 million and terms of 20 or 25 years

  • Eligible uses: fixed asset purchases like real estate or equipment