Small Businesses Can Now Apply for NYC’s New Opportunity Fund
New York City is preparing to pump out $75 million to help small businesses — that means Lower Manhattan storefronts, restaurants and services could be eligible for loans of up to $250,000 each.
The NYC Small Business Opportunity Fund is a public-private program and part of Mayor Adams’s Blueprint for Recovery. About 1,500 businesses will be served by the money, with the goal of unleashing resources to aid business growth and survival as independent operations are still recovering from the Covid fallout. The loans will have a 4 percent interest rate and offer flexible terms for addressing historic barriers that face BIPOC businesses, including eliminating credit-score minimums and application fees.
New York City businesses with less than $5 million in annual revenues are eligible to apply. Applications are open now. To learn more about the program, call the hotline at (888) SBS-4NYC. The city will also offer webinars to explain the application process.
The fund is a partnership between the city, Goldman Sachs, Mastercard and Community Reinvestment Fund. Adams has made cutting red tape part of his recovery plan, and hopes this new fund will inspire and create a new surge of storefronts as the city continues to rebound.
photo: iStockTags: sbs