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If you were ineligible or unsuccessful in obtaining COVID disaster funding through PPP or EIDL programs, the New York Forward Loan Fund offers small businesses with less than 20 employees an opportunity to borrow up to $100,000.
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The New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.
NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits, and small landlords that have seen a loss of rental income.
NYFLF is providing working capital loans so that small businesses, nonprofits, and small landlords 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 in 2020. The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest.
Please watch the replay below of our Business Talkback webinar with Ms. Huey-Min Chuang, Empire State Development, to learn more. You may access the presentation document, a full overview, as well as the loan application on the Empire State Development website.
