In August, 2023, Governor Hochul announced $150 million NY Forward Loan Fund 2 to connect small businesses and nonprofits with working capital loans and business support services to help them grow. This state-sponsored program is a mission-driven, relationship based program that is accessible anywhere in the state.
Qualified recipients with fewer than 100 employees and less than $5 million in gross annual revenue can apply for loans up to $150,000 with affordable, fixed-rate interest rates. Part of New York’s broader State Small Business Credit Initiative efforts led by Empire State Development, the fund will be in place for the next eight years and will focus on helping small businesses and nonprofits, particularly those in low-income and historically underbanked communities and rural areas access flexible working capital to cover a wide range of expenses, from payroll and marketing to facility renovations. Additionally, free support services from experts will work with businesses throughout the life of the loan.
“New York’s small businesses are the lifeblood of our state’s economy and vital to growing and strengthening New York State,” Governor Kathy Hochul said. “With expanded eligibility, this new and improved New York Forward Loan Fund will build on the success that the first fund achieved supporting small businesses during the pandemic and continue to help even more small businesses grow and thrive across the state."
Microloans (loans between $500 and $25,000); and regular loans (typically as large as $250,000 or more depending upon the lender) are available with terms based upon each lender’s individual offerings.
Program lenders are the primary point of contact for borrowers, and each have their own loan application process and loan products. Competitive interest rates, terms and fees are determined by the individual program lenders. Lenders are responsible for applications and credit decisions. The fund is managed by Calvert Impact and administered by the Community Reinvestment Fund in collaboration with private sector institutions like Citi Foundation and Wells Fargo. For more information and to apply, visit NYLoanFund.com.
Participating businesses and nonprofits can also benefit from free advisory services offered by New York’s Entrepreneurship Assistance Centers (EACs) and Small Business Development Centers (SBDCs). Even if an applicant does not currently qualify for a loan and does not match with a lender, they can work with these advisors to help develop a business plan, become more profitable, and move into a better position for future credit. For more information visit https://www.governor.ny.gov/news/governor-hochul-announces-150-million-new-york-forward-loan-fund-2-provide-flexible-loans-new.
To schedule an appointment with an experienced Business Advisor contact the Staten Island Small Business Development Center (SISBDC) at 718/982-2560, email sbdc@csi.cuny.edu or schedule an appointment online at https://www.sisbdc.org/make-an-appointment. All services are offered at no-cost and all information is kept confidential.
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