New York Forward Loan Fund Panel presented by Pace SBDC
What better way to learn about New York Forward Loan Fund (NYFLF) programs than by hearing directly from the lenders? With that in mind, the Pace SBDC hosted a live panel discussion on December 7, 2020 to review this valuable financing program, with center Director Andrew Flamm serving as moderator. You can watch the webinar below and find it archived on our video page.
The lenders, representing three institutions, included Beverly Bobb, Sr. Director of Capital Access, Small Business and Technology Development of Empire State Development; Brian Gurski, Vice President, Strategy and Innovation of TruFund Financial Services; and Casey Noel, Assistant Vice President of Lending Initiatives of the Community Preservation Corporation. Each lender provided guidance on the loans, walked attendees through the application process, and participated in a Q&A segment with the 110-plus attendees who took part in the virtual event.
The NYFLF was created as a direct response to help mitigate the financial hardships small businesses have suffered as a result of COVID-19. New York State small businesses, nonprofits, and small landlords can find working capital loans of up to $100,000. The loans are for a five-year term with interest-only payments due during the first twelve months. They have an interest rate of 3% for small businesses and small landlords, and 2% for nonprofits.