3% Interest Rate SmallBiz Loans: NY Forward Loan Fund
Empire State Development announced that low-interest loans through the New York Forward Loan Fund (NYFLF) are now available to Paycheck Protection Program (PPP) recipients who received $50,000 or less in PPP assistance.
Through NYFLF, eligible small businesses and small residential landlords can apply for a 60-month, no-fee loan with a 3% fixed interest rate; while eligible non-profits can apply for a 60-month, no-fee loan at 2% fixed interest. The maximum loan amount is $100,000, and funds can be used for working capital expenses associated with reopening, including payroll, operating and emergency maintenance, property taxes, utilities and costs associated with refitting physical space to follow social distancing guidelines.
Five Community Development Financial Institutions are processing applications under this program: Accion East, Community Preservation Corporation, National Development Council, Pursuit and TruFund Financial Services. For more information go to nyloanfund.com. Please also keep in mind that small businesses that did not receive any federal assistance are still eligible and encouraged to apply.