**FOR IMMEDIATE RELEASE**
PRESS RELEASE FOR: Wednesday, May 11th, 2022
Contact: Winthrop Roosevelt, wroosevelt@manhattanbp.nyc.gov, (617) 680-0158
New York – After already making more than $300,000 in loans since its inception this February, Manhattan Borough President Mark Levine announced a new boroughwide LinkNYC campaign as the next phase is his office’s partnership with the Hebrew Free Loan Society to offer $2 million in interest-free loans to small businesses that have suffered financial hardship during the pandemic.
The collaboration, known as the Small Business Booster Loan Program, is designed to supercharge small businesses and entrepreneurs that are still struggling to bounce back by offering up to $50,000 in zero-interest loans that can be used toward expenses like equipment, rent, utilities, payroll, and marketing. The program will also be a vital lifeline to people who cannot access commercial credit.
“These loans are transformational for storefronts, mom-and-pop businesses, and entrepreneurs around the borough,” said Manhattan Borough President Mark Levine. “This partnership with the Hebrew Free Loan Society is ensuring businesses don’t have to close. They are helping to create a more robust economy and push for a more vibrant streetscape. And without the cloud of accruing interest looming over businesses, they’ll be better able to focus on growing the products, services, and creative endeavors that make Manhattan unique.”
The impact of the loans is already being felt. An early loan awarded to the fitness studio Harlem Cycle, which had been closed for 15 months during the pandemic, has helped owner Tammeca Rochester keep a dozen employees on staff and be able to open a second location.
The Borough President’s office will now advertise the loan program on LinkNYC kiosks (see graphics below) and will conduct outreach with community partners.
The Hebrew Free Loan Society is a non-sectarian lender, offering zero-interest loans to lower-income New Yorkers from all backgrounds.
Founded in 1892, the Hebrew Free Loan Society has helped New Yorkers through more than a century of crises and is committed to helping New York’s economy rebound during this time of financial uncertainty.
BP Levine’s office will be working to identify eligible businesses across Manhattan. Interested businesses can apply here or contact BP Levine’s office for assistance: 212-669-8300 or info@manhattanbp.nyc.gov.
# # #
(enlarge)
(enlarge)
