New York Forward Loan Program
The $100 million New York Forward Loan Fund Program announced by Governor Cuomo that will help NYS small businesses in your region with fewer than 20 employees and revenues under $3 million access low cost working capital (interest at 2% or 3%) up to $100k to re-open and run successfully. Small businesses, nonprofits, and landlord are eligible to apply.
This loan can be paid back over five years with first year being interest only. However, if small businesses have received either a PPP loan or an EIDL loan from SBA, they would not be eligible to apply.
NYS has set a goal of 12% of total funds under this Program for Mid-Hudson, and I ask your organization’s assistance in spreading the word about this critical resource from ESD and the State in assisting our small businesses in Mid-Hudson.
Please find attached a flyer that I urge you to share with your members, partners, affiliates, clients, in your social media outreach, and virtual events that you may host. Pre-Applications are accepted on a rolling basis and are reviewed as businesses are allowed to reopen in phases.
To Pre-Apply for NY Forward Loan: Please direct all interested applicants to go here (link below). Please advise that they do not contact lenders in the Program directly. In this link, you will find eligibility criteria, FAQs, and a fifteen questions to be answered in order to yield a match to a lender/s. Once matched with a lender, applicants will select one that they prefer. The matched lender will then contact them once their industry is reopened for review.
To determine if they are eligible to reopen, and what phase they are in: Go here for the widget that will help them determine their reopening status.
https://www.businessexpress.ny.gov/app/nyforward
If applicant needs technical assistance through this process, please have them contact an Entrepreneurial Assistance Center near them; have them inform the counselor that they need help for NY Forward Loan application.
https://esd.ny.gov/sites/default/files/EAC%20Contact%20List.pdf
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