Governor Cuomo announced the new $100 million NY Forward Loan Fund Program to help NYS small businesses ...
Governor Cuomo announced the new $100 million New York Forward Loan Fund Program, which is designed to help NYS small businesses with fewer than 20 employees and revenues under $3 million access low cost working capital (interest at 2% or 3%) up to $100k to re-open and run successfully. Small businesses, nonprofits, and landlords are eligible to apply. This loan can be paid back over five years with first year being interest only. However, if small businesses have received either a PPP loan or an EIDL loan from SBA, they would not be eligible to apply.
NYS has set a goal of 12% of total funds under this program for the Mid-Hudson region, and we ask for your assistance in spreading the word about this critical resource from ESD and the State in assisting our small businesses. Sixty percent (60%) of total available funds are targeted specifically to self-declared women-owned, minority-owned, veteran-owned, or LGBTQ-owned businesses.Please find attached a flyer that we urge you to share with your members, partners, affiliates, clients, in your social media outreach, and virtual events that you may host. Pre-Applications are accepted on a rolling basis and are reviewed as businesses are allowed to reopen in phases.
To Pre-Apply for the NY Forward Loan: please direct all interested applicants here: www.nyloanfund.com Via this link you will find eligibility criteria, FAQs, and a form with fifteen questions to be answered in order to yield a match to a lender/s. Once matched with a lender, applicants will select one that they prefer. The matched lender will then contact them once their industry is reopened for review.If an applicant needs technical assistance through this process, please have them contact an Entrepreneurial Assistance Center near them (see the list here); have them inform the counselor that they need help with the NY Forward Loan application.
If you would like additional information on the Program, please visit: https://link.zixcentral.com/u/caec08ba/8nxfJ2bL6hGKBr37hnsoMg?u=https%3A...
Please let us know if you have any questions or comments on the program. We would be happy to go over the details of the program with you. Thank you for your assistance in getting the word out about this resource for small businesses, not-for-profits, and landlords.
All our best, ESD’s Mid-Hudson Team Empire State Development
33 Airport Center Drive, New Windsor, NY 12553
Office: (845) 567-4882 | nys-midhudson@esd.ny.gov