Small business owners in New York will be given cheap loans
'24.07.2023'
Alina Prikhodko
Small businesses and nonprofits in New York State can apply for up to $150 in loans through the new New York Forward Loan Fund 000, recently approved by Governor Kathy Hokul. The $150 million fund expanded eligibility criteria and provided more resources for the program. This allows more businesses to apply for a loan. Silive.
Businesses that meet two criteria can apply for a loan of up to $150 at a low fixed interest rate:
- they have fewer than 100 employees;
- their gross annual income is no more than $5 million.
The fund will operate over the next eight years and will focus on helping small businesses and non-profit organizations. Particular attention will be paid to businesses in low-income, underfunded communities and rural areas.
The fund will provide flexible working capital to cover a variety of expenses, including payroll, marketing and renovations. In addition, businesses will be able to take advantage of free support services from experts throughout the loan period.
Businesses interested in obtaining a loan can apply for website NYLoanFund.com.
New York Forward Loan Fund 2 lenders include Accion Opportunity Fund, Ascendus, Public Loan Fund NDC, Pursuit и TruFund Financial Services.
Program participants can also take advantage of free consulting services offered by the Entrepreneurship Support Centers (EAC) and Small Business Development Centers (SBDC) of New York. According to the state, if an applicant does not qualify for a loan, they can still work with consultants to develop a business plan, become more profitable, and be better positioned for a future loan.
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“Small business is the lifeblood of our state's economy and is vital to the growth and strength of New York State,” Hokul said as she launched the New York Forward Loan.
The New York Forward Loan Fund was originally created to provide practical support and affordable loans to the smallest businesses in New York State. Initially, the fund issued more than 1700 loans worth $97 million.
