NYS Opens Grant Application Process for NY Forward Loan Fund
New York Forward Loan Fund
New York State is inviting small businesses, non-profits and small residential landlords across New York State to apply for the New York Forward Loan Fund (NYFLF). It is an economic recovery program offered by New York State to help small businesses move forward and thrive. It offers five-year working capital loans of up to $100,000 to eligible applicants. Proceeds of funds can be used to pay for typical and recurring operating business expenses, and/ or for refitting of business for compliance with social distancing guidelines, acquisition of personal protection equipment, and strategic planning for new revenues. The NYFLF targets small businesses and nonprofits with 20 or fewer full-time equivalent employees, $3 million or less in annual gross revenues or budget, NYS based, in operation for at least one year at time of application, and those that received a loan of $50,000 or less from SBA’s Paycheck Protection Program and/ or only the Economic Injury Disaster Program grant of ≤ $10,000. Eligible small residential landlords should have no more than 50 units in each building and a total ownership of fewer than 200 units in total. All buildings must be located in New York State.
The fixed annual interest rate is 3% for small businesses and landlords, and 2% for non-profits. Borrowers make interest-only payments for the first 12 months and then interest and principal payments for remaining 48 months. There are no application fees, no collateral required, and no prepayment penalties; but late fees may be assessed for missed payments.
NYFLF has a goal of at least 60% of loans going to minority and/or women owned businesses that have traditionally been underbanked or have difficulty accessing capital.
Pre-application consists of fifteen simple questions on www.nyloanfund.com and submission of supporting documentation to a matched lender.
Please visit: www.nyloanfund.com to begin application. For a flyer on the Program, please see attached pdf. We encourage you to share this information with any business that may need access to capital and to share with your community widely.
If you have any questions, please contact: