New York Forward Loan Fund Program Launch
New York State launched the New York Forward Loan Fund (NYFLF) to provide working capital loans of up to $100,000 to NYS small businesses, nonprofits, and small landlords that suffered a direct economic hardship as a result of COVID-19. The $100+ million program supports businesses and organizations as they proceed with upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) as they reopen based on New York Forward guidelines.
The program offers loans of up to $100,000 to small businesses with 20 or fewer full-time equivalent employees and gross revenues of less than $3 million per year, and that have been in business for at least one year as of the date of loan application. Interest rate for the loans is 3% for small businesses and small landlords and 2% for nonprofits, and are for a five-year term. Please note that applicants are ineligible if they received SBA funding through the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loan (EIDL).
While New York City has not yet been cleared to reopen from NYS on PAUSE, small businesses can now complete the NYFLF pre-application and get in queue. Check out the Pace SBDC website for more detail.