New York Forward Loan Fund
Working Capital for Long Island Manufacturers
The New York Forward Loan Fund, a New York State economic recovery Program in support of Governor’s New York Forward Plan, offers up to $100K loans for five years, for working capital needs for small businesses and nonprofits with fewer than 20 employees and under $3 million in revenues. Residential landlords with total ownership of under 50 units in each building and a total of 200 units can also apply.
The interest rate is 3% per annum for small businesses and landlords, and 2% for nonprofits for five years. Repayments consist of interest only for the first 12 months of repayments and straight-line amortization for the remaining four years. Small businesses, nonprofits, and residential landlords impacted by COVID-19 can apply if they only received a Paycheck Protection Program loan of under $50K and did not receive an Economic Injury Disaster Loan.
There is no application fees, no collateral required, no prepayment penalties. Application is open for submission at:
www.nyloanfund.com
Questions can also be sent to: [email protected]
