There’s $100 Million in Loans to Help New York Small Businesses
Small businesses, non-profit organizations and landlords that didn't get financial help from the federal government amidst the coronavirus pandemic, may be able to get it from New York.
Governor Andrew Cuomo launched the $100 million New York Forward Loan Fund to help small businesses, focusing on minority and women owned small businesses, that did not receive federal COVID-19 assistance. "Small businesses are the engine of the New York economy, but they are now facing some of the toughest challenges in this pandemic," Governor Cuomo said. "Helping our small businesses is a top priority."
Pre-application for the New York Forward Loan Fund will be open on May 26th at Noon. Priority will be given to industries that have been reopened. This is not a first-come, first-served loan program. Applications will be reviewed on a rolling basis as regions and industries reopen. For small businesses and nonprofits that have not yet reopened, owners are encouraged to prepare a pre-application in advance.
- Small businesses and nonprofits must employ 20 or fewer full-time employees
- Small businesses must have gross revenues of less than $3 million per year
- Nonprofits must provide direct services and have an annual operating budget of less than $3 million per year; and
- Have not received a loan from either SBA Paycheck Protection Program or SBA Economic Injury Disaster Loan for COVID-19 in 2020
Loans for small landlords will be targeted to owners with residential buildings of 50 units or less, and will prioritize loans for landlords whose properties are in low and moderate income areas or who serve low to moderate income tenants.
Loans will be distributed throughout the state:
- Capital Region 4%
- Central NY Region 4%
- Finger Lakes Region 4%
- Hudson Valley Region 12%
- Long Island Region 18%
- Mohawk Valley Region 4%
- NYC Region 30%
- North Country Region 4%
- Southern Tier Region 4%
- Western NY Region 8%
Small business owners can out an application at connect2capital.com.