NY Forward Loan Fund

Overview:

The New York Forward Loan Fund (NYFLF) is a low interest loan meant to provide working capital so that small businesses, nonprofits and small residential landlords have access to credit as they reopen. These loans are available to small businesses and nonprofits that did not receive a U.S. Small Business Administration Paycheck Protection Program of greater than $500,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of any amount, except for EIDL advance grant of up to $150,000, and small residential landlords. The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest.

Eligibility Details:

NYFLF targets the state’s small businesses with 50 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small residential landlords that have seen a loss of rental income.

The working capital loans are timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.

Access to loans for small residential landlords will be targeted to owners with residential buildings of 50 units or less, and will prioritize loans for residential landlords whose properties are in low and moderate income census tracts or who serve low to moderate income tenants.
Financial Details:

Loan Amount:

Interest Rate:
Application:

***Applications for the New York Forward Loan Fund is not a first-come, first-served loan program. Applications will be reviewed on a rolling basis for industries and regions that have been reopened. ***

More info at:
https://esd.ny.gov/nyforwardloans-info

Pre-application website:

https://www.connect2capital.com/partners/new-york-forward-loan-fund/pre-application/

Read more at: https://esd.ny.gov/nyforwardloans-info
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