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COVID-19 Loan Fund Available for NYC-Based Businesses

Pursuit has partnered with the City of New York to administer the NYC LMI Storefront loan program for COVID-19 relief. The loans are up to $100,000 at 0% interest with a term of 60 months and no payments required for the first six months. Please spread the word about this important program, which may be a fit for members with businesses in the Bronx.

Basic Eligibility Requirements:

-Operate in an LMI area of NYC

-Employ between 2-99 employees in total across all locations -Have been in operation since January 1, 2018, or before -Be cash flow positive in 2019 and be able to demonstrate the ability to repay -Have no personal or business tax liens or legal judgments within the past three years -Provide a personal guarantee for the loan. All owners of 20% or more of the business must co-sign on the loan and must have an average personal credit score of 625 or higher.

While the program headline includes “Storefront,” the program is not exclusive to retail businesses. The City hopes to target these businesses but it is not a requirement for the business to be a retail operation.

https://www1.nyc.gov/nycbusiness/article/nyc-lmi-storefront-loan – Interested Businesses Can Apply Here for the NYC LMI Storefront loan

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