New York Forward Loan Fund (NYFLF)

WHO'S

ELIGIBLE

Small businesses (with 20 or fewer employees and <$3MM in annual revenues), non-profits (with 20 or fewer employees and <$3MM in annual revenues) and small landlords located within New York State. Small landlords need to demonstrate a loss of rental income. 

loan

AMOUNT

For small businesses: lesser of (a) $100,000 or (b) up to 100% of average monthly revenues in a 3-month period prior to the COVID-19 outbreak. The 3-month period can be any 3-month period from 2019 or January to March 2020

TERM

5 years (60 months)

interest rate

3%

time in

business

Business must have been in operation for at least 1 years

repayment

terms

  • For months 1 – 12: Interest only payments, paid monthly

  • For months 13 – 60: interest and principal payments, paid monthly

Allowable Use of grant Proceeds

Proceeds are required to be used for working capital, inventory, marketing, refitting for new social distancing guidelines, operating and emergency maintenance, property taxes, utilities, rent, supplies, etc. Refinancing of an existing loan is not permitted. The loan applicant will be required to detail anticipated use of funds when they apply

READY TO APPLY? 

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