Join us on August 13th for a Virtual Educational Event on the New York Forward Loan Fund.
The Senior Director of Business and Economic Development from ESD, Ms. Huey-Min Chuang, will be speaking about the new economic recovery program aimed to help small businesses, nonprofits, and small landlords.
- Small businesses with fewer than 20 employees and revenue under $3 million can access working capital up to $100k (interest at 2 or 3%).
- The loan can be paid back over 5 years with the first year being interest only.
- Businesses who have received either a PPP loan or an EIDL loan from SBA are not eligible.
- Businesses that have received an EIDL grant, but not the EIDL loan, and have not applied for the PPP loan, can now apply for the New York Forward Loan Fund for working capital up to $100K.
Pre-Apply for NY Forward Loan:
Please note, you do not need to contact lenders in the Program directly. In this link, you will find eligibility criteria, FAQs, and fifteen questions to be answered in order to yield a match to a lender. Once matched with a lender, applicants will select one that they prefer. The matched lender will then contact you once their industry is reopened for review.
Determine Reopen Eligibility and which phase your business is in:
This link will lead you to a widget that will help determine reopening status.
Applicants needing technical assistance through this process, please contact an Entrepreneurial Assistance Center in your area. When speaking with a counselor, mention NY Forward Loan application.
Additional information on the Program, please visit: https://esd.ny.gov/nyforwardloans-info
Be a part of this timely discussion, gain valuable information regarding NY Forward Loan Fund. Q & A segment after the discussion.