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New York State Launches Round 2 of $150 Million Small Business Loan Fund

New York State Launches Round 2 of $150 Million Small Business Loan Fund

July 25, 2023

New York State Launches Round 2 of $150 Million Small Business Loan Fund

Last week, Governor Kathy Hochul announced the New York Forward Loan Fund 2 program for qualifying small businesses and nonprofits. Eligible businesses and nonprofits with existing operations in New York State, 100 or fewer full-time employees, and less than $5 million in gross annual revenue can apply for loans up to $150,000 with affordable, fixed-rate interest rate options. The original New York Forward Loan Fund was designed to provide loans to small businesses in New York lacking access to affordable credit options resulting from the COVID-19 pandemic. The New York Forward Loan Fund 2 will be in place for eight years, and will focus on supporting small businesses and nonprofits, specifically those in low-income and rural communities to cover business expenses, from payroll and marketing to facility renovations. Free guidance will be provided from advisors at New York’s Entrepreneurship Assistance Centers and Small Business Development Centers throughout the life of the loan. Additionally, working with Community Development Financial Institutions (CDFIs), New York Forward 2 will assist in accomplishing the program’s larger goal of investing in underfunded businesses. >>> To pre-apply for the New York Forward Fund 2 visit HERE.
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