The State’s New York Forward Loan Fund will make under-$100,000 working capital loans to NYS small businesses, nonprofits, and small landlords of under 20 employees and gross revenues of under $3 million. Applicants are ineligible if they received SBA funding through the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loan (EIDL).
Loan amounts will be 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. For small businesses and small landlords the interest rate is 3%, for nonprofits it’s 2%, and all are for a five-year term with interest-only payments due during the first 12 months. No collateral is required and there are no application fees or prepayment penalties. Eligible use of loan funds include working capital, inventory, marketing, refitting for new social distancing guidelines, operating and emergency maintenance, property taxes, utilities, rent and supplies.
You should know that Pace University’s Small Business Development Center can help business owners apply for these loans. Email sbdc@Pace.edu to arrange a free virtual meeting to discuss this and other small business financial programs.
Categories: News from Gale Brewer