Earlier today, Governor Cuomo officially announced New York Forward Loan Fund (NYFLF), a new economic recovery loan program designed to support NYS small businesses, non-profits, and small landlords as they re-open after the COVID-19 outbreak and NYS on PAUSE order.
More specifically, NYFLF prioritizes small businesses with 20 or fewer full time employees that have not received a loan from either the SBA Paycheck Protection Program (PPP) or Emergency Injury Disaster Loan (EIDL). If your business has already received either PPP or EIDL funding, you are not eligible for NYFLF funds.
The loan fund is timed specifically to support businesses and organizations as they face upfront expenses to comply with re-opening guidelines. The fund is NOT first-come, first-served, but instead will be reviewed on a rolling basis as regions and industries re-open.
Included below is an overview of the loan terms:
- Small businesses can apply for up to $100,000 in credit
- Interest rate on the loans for small businesses is a fixed 3%, with a term of 5 years (interest payments only for the first year)
- There are no application fees, nor prepayment penalties, and no collateral is required
If you’d like to speak with a member of the Beverly Gray Center staff about the New York Forward Loan Fund, or other resources and relief options available for your small business right now, please reach out to us via email (firstname.lastname@example.org) or phone (716-342-3620).