New York State Now Accepting Applications For New Small-Business Loan Program
On May 26, New York State will begin accepting applications for the New York Forward Loan Fund, an economic recovery program aimed at supporting small businesses, nonprofits and small landlords as they reopen after the COVID pause.
This loan is targeted at small businesses (with 20 or fewer employees), nonprofits and small landlords who have not received a pandemic-related federal loan from the Small Business Administration. These loans are timed to support small businesses and organizations that are reopening as they incur expenses to comply with social-distancing guidelines.
Click here to apply and match with a participating lender.
Industries and regions that have been reopened will get prioritized. (This is not a first-come, first-served loan program.) For small businesses and nonprofits that are in industries and regions that have not yet reopened, you can prepare your application in advance by reviewing this list of available resources.
This will allow you to quickly submit your application once it is announced that your industry and region is phased to reopen.
Not unrelated: The Alliance for Downtown New York is expanding criteria for the Small Business Rental Assistance Grant to offer immediate help to more storefront businesses currently providing vital services to residents and workers in Lower Manhattan during the COVID-19 pandemic. The program, which launched earlier this month, is funded by the Alliance with support from Brookfield Properties, Silverstein Properties and The Howard Hughes Corporation to award a total of $800,000 in grants.
The Downtown Alliance also has compiled a list of grant, loan and assistance programs that have been created to help our neighbors.
photo: iStockTags: new york forward loan fund, nyflf