NYC Launches 0% Interest Loan & Interest Rate Reduction Grant

The City of New York has launched two new valuable programs that offer financial support to NYC small businesses:

The NYC LMI Storefront Loan program supports storefront businesses in low-to-moderate-income communities. The program extends 0%-interest loans of up to $100,000 to storefront businesses with 2-99 employees who have business operations since or before January 1st, 2018, were cash flow positive in 2019, and are located in LMI neighborhoods.

The loan term is 60 months with no payments for the first six months, and the proceeds can be used to help businesses restart or continue operations after experiencing challenges from COVID-19. Check out the NYC LMI Storefront Loan site for additional eligibility information from NYC’s partner lender, Pursuit BDC, and to apply.

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The Interest Rate Reduction Grant reduces the interest expense owed by small business owners on existing loans with eleven Community Development Financial Institutions (CDFI), freeing up cash flow to help restart or maintain operations. Businesses must have an existing loan with one of the below eleven participating CDFIs, who will confirm if the business is eligible to apply.

• Accompany Capital (Previously Business Center for New Americans)

• Ascendus (Previously Accion East)

• BOC Capital

• Greater Jamaica Development Corporation (GJDC)

• Harlem Entrepreneurial Fund

• Renaissance Economic Development Corporation

• The Bronx Overall Economic Development Corporation (BOEDC)

• TruFund Financial Services

• Upper Manhattan Empowerment Zone Development Corporation (UMEZ)

• Washington Heights and Inwood Development Corporation (WHIDC)

• The Working World DBA Seed Commons