Posted: May 26, 2020 / 01:44 PM EDTUpdated: May 26, 2020 / 01:44 PM EDT
ALBANY, N.Y. (NEWS10) – Pre-applications are being accepted for the New York Forward Loan Fund (NYFLF). Businesses can apply on the state’s website. These working capital loans are aimed at helping small businesses, non-profits and small landlords that did not receive a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020.
NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees, nonprofits and small landlords that have seen a loss of rental income.
The working capital loans are timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.
Priority will be given to industries and regions that have been reopened. This is not a first-come, first-served loan program. Applications will be reviewed on a rolling basis as regions and industries reopen.
The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest.
Five Community Development Financial Institutions (CDFIs) will be processing pre-applications on June 1.
The New York Forward Loan Fund is supported by Apple Bank, BNB Bank, BlackRock Charitable Fund, Citi Foundation, Evans Bank, Ford Foundation, M&T Bank, Morgan Stanley, Ralph C. Wilson, Jr. Foundation and Wells Fargo.