Updates to the New York Forward Loan Fund: Your Business Could Now Be Eligible
The Empire State Development (ESD) COVID-19 relief program, the New York Forward Loan Fund (NYFLF), provides small businesses, non-profits and small landlords that have been in business for at least one year as of the date of loan application with working-capital loans of as much as $100,000.
The new year has brought valuable NYFLF eligibility requirement updates to widen the opportunity. Now a small business must have 50 or fewer full-time employees (it used to be 20) and gross revenues of less than $5 million per year (up from $3 million, previously). Further, businesses could have received a PPP loan of up to $500,000 or an EIDL loan of up to $150,000.
Start applying at the NYFLF pre-application form found here. Then, a participating lender will contact you to review credit history and help you finalize the application process. Watch a panel of lenders speak on our December 2020 NYFLF webinar here.
Talk with one of our Pace SBDC business advisors about your business plans, financial projections, and the NYFLF pre-application process. Contact us to ask for a no-cost, 1:1 meeting with an advisor.