New York is opening a new economic recovery loan program for small and micro businesses, nonprofits, and small landlords throughout the state as they reopen after the COVID-19 outbreak. The New York Forward Loan Fund (NYFLF) targets the state’s small businesses with 20 or fewer full-time equivalent employees, nonprofits, and small landlords that have seen a loss of rental income.
NYFLF is providing working capital loans so that recipients have access to credit as they reopen. These loans are available to small businesses, nonprofits, and small landlords that did not receive a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19. The loans are NOT FORGIVABLE in part or whole. The loans will need to be paid back over a 5-year term with interest.
The geographic proportionality goals for the New York Forward Loan Fund for small businesses are:
- 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%
NYFLF is supported by Apple Bank, BNB Bank, BlackRock Charitable Fund, Citi Foundation, Evans Bank, Ford Foundation, M&T Bank, Morgan Stanley, Ralph C. Wilson, Jr. Foundation and Wells Fargo.
For more information and to pre-apply click here.
- Loan Amount:
- Small Businesses: Small businesses can apply for a loan in the amount of the lesser of (a) $100,000 or (b) up to 100% of average monthly revenues in any 3-month period from 2019 or first quarter of 2020.
- Nonprofits: Nonprofits can apply for a loan in the amount of the lesser of (a) $100,000 or (b) up to 100% of average monthly expenses in any 3-month from 2019 or first quarter of 2020.
- Small Landlords: Small Landlords can apply for a loan in the amount the lesser of (a) $100,000 or (b) projected reduction in 3-months’ net operating income based on actual reductions in net operating income for the month of April or May 2020.
- Interest Rate:
- Small businesses and landlords: The fixed annual interest rate on the loan will be 3%.
- Nonprofits: The fixed annual interest rate on the loan will be 2%.
- For months 1 – 12: Interest-only payments, paid monthly.
- For months 13 – 60: interest and principal payments, paid monthly