Loans are interest-free
New York City has announced a new $35 million loan initiative intended to assist small storefront businesses struggling from the COVID-19 pandemic.
The NYC LMI Storefront Loan Program will offer interest-free loans up to $100,000 to businesses that employ between 2-99 people and operate within one of 124 designated zip codes.
Full application requirements and additional information can be found here.
NFIB’s New York State Director Greg Biryla stated, “small businesses in the Big Apple are among those hit the hardest by COVID-19 and the resulting economic shutdowns, particularly storefront retail, restaurants, and entertainment venues that provide defining character for vibrant neighborhoods across New York City.
“As small businesses exhaust federal Paycheck Protection Program relief funding, NFIB encourages state and municipal leaders to advance creative relief and assistance programs to support and promote the local small businesses in their communities,” added Biryla.