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Issue Date: 05/12/2021 Contract Number: N/A

New York Forward Loan Fund


Description:

New York Forward Loan Fund

EIDL & PPP Borrowers are Now Eligible for the New York Forward Loan Fund!

You can secure a low-cost, 5 year working capital loan, up to $100,000 for your contracting and business needs to thrive and grow in New York State.                                                      

 

Important Program Announcement:

Economic Injury Disaster Loan (EIDL) & Paycheck Protection Program (PPP) borrowers can now be eligible to apply for the New York Forward Loan Fund! Also, this program eligibility expansion allows firms with up to 50 full time equivalent employees and business revenues under $5 million to participate.

The New York Forward Loan Fund (NYFLF) is the economic recovery loan program aimed at supporting New York State small businesses, non-profits and small residential landlords as they reopen after the Covid-19 outbreak and NYS on PAUSE. It offers five-year working capital loans of up to $100,000 to eligible applicants.  Proceeds of funds can be used to pay for typical and recurring operating business expenses, and/ or for refitting of business for compliance with social distancing guidelines, acquisition of personal protection equipment, and strategic planning for new revenues.

The NYFLF now targets the state’s small businesses with 50 or fewer full-time equivalent (FTE) employees, non-profits, and small residential landlords that have seen a loss of rental income.

In addition, small businesses and non-profits that received a PPP loan of $500,000 or less or EIDL loans of $150,000 or less can be eligible for a NYFLF loan.

An eligible small business must:

  • Employ 50 or fewer full-time equivalent (FTE) employees;
  • Have a gross revenue of less than $5 million per year;
  • Must not have received a U.S. Small Business Administration Paycheck Protection Program of greater than $500,000 or an Economic Injury Disaster Loan for Covid-19 of greater than $150,000;
  • Have suffered a direct economic hardship as a result of Covd-19 related social distancing policies and stay-at-home order that have materially impacts their operations;
  • Been in business for at least 1 year as of the date of the application; and
  • Be located in the State of New York.

Funding is still available to help your NYS small business recover!  

If you were previously denied a loan due to receiving an EIDL or PPP loan you are encouraged to re-apply!

 

Pre-application consists of fifteen simple questions on www.nyloanfund.com and submission of supporting documentation to a matched lender. 

Please visit: www.nyloanfund.com to begin application.  We encourage you to share this information with any business that may need access to capital and to share with your community widely. 

If you have any questions, please contact:

nyloanfund@esd.ny.gov

Due Date: 06/11/2021

Contract Term: 5 years

Location:

Ad Type: Grant or notice of funds availability


Primary Contact:     Empire State Development
Small Business & Technology
NYC
Morgan Clark
Project Associate
633 Third Avenue, 33rd floor
New York, NY 10017
United States
Ph: 212-803-3139
Fax:
Morgan.Clark@esd.ny.gov

Secondary contact:     Empire State Development
Small Business & Technology

Huey-Min Chuang
Senior Director
633 Third Avenue, 33rd floor
New York, NY 10017
United States
Ph: 212-803-3238
Fax:
huey-min.chuang@esd.ny.gov
Secondary contact:     Empire State Development
Small Business & Technology
NYC
Morgan Clark
Project Associate
633 Third Avenue, 33rd floor
New York, NY 10017
United States
Ph: 212-803-3139
Fax:
Morgan.Clark@esd.ny.gov