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:

  • Small Businesses: Small businesses can apply for a loan in the amount of the lesser of (a) $100,000 or (b) up to 100% of average monthly revenues in any 3-month period from 2019 or first quarter of 2020.

  • Nonprofits: Nonprofits can apply for a loan in the amount of the lesser of (a) $100,000 or (b) up to 100% of average monthly expenses in any 3-month period from 2019 or first quarter of 2020.

  • Small Residential Landlords: Small Residential Landlords can apply for a loan in the amount of (a) $100,000 or (b) projected reduction in 6-months’ net operating income based on actual reductions in net operating income for the month of April or May 2020.

Interest Rate:

  • Small businesses and residential landlords: The fixed annual interest rate on the loan will be 3%.

  • Nonprofits: The fixed annual interest rate on the loan will be 2%.

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