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. 


Pace University SBDC

163 William Street, Room 328

New York, NY, 10038   


Office:  (212) 618-6655

Email:  sbdc@pace.edu

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A, C, J, Z, 2, 3, 45 to Fulton St

E to World Trade Center
6 to Brooklyn Bridge


Partnership Program with the SBA, administered by the State University of New York. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.  All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. All SBA funded programs are extended to the public on a nondiscriminatory basis.

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