$2.3M New York Forward Program Helps Landlords and Small Businesses
Governor Cuomo announced yesterday that more than $2.3 million in funding has been awarded to support 61 businesses and residential landlords with COVID-19-related costs and expenses through the “New York Forward” loan fund. The funding is aimed at those who did not receive Federal COVID-19 assistance. Of the 61 loans, 54 are provided for minority and women-owned businesses; 10 loans are provided to residential landlords, two loans were awarded to veteran-owned businesses; and one loan supported a nonprofit organization.
Applications are still being accepted and businesses from qualifying industries, that include agriculture, construction, food services, retail, education services, manufacturing, and transportation, are encouraged to apply.
Additional Help for Small Businesses
“The pandemic’s impact on small businesses was especially damaging and we’re not going to leave them behind – they are the backbone of New York’s economy and central to our recovery,” Cuomo said. “The ‘New York Forward’ loan fund is providing critical assistance to alleviate lost revenue and offset reopening-related expenses, getting these businesses back on their feet and contributing to New Yorkers’ efforts to build back our state and local economies even stronger than before.”
Empire State Development Acting Commissioner, President, and CEO-designate Eric Gertler said, “The COVID-19 pandemic has affected businesses and industries across New York state – especially our small businesses and particularly minority- and women-owned companies. Through the “New York Forward” loan fund, we are proud to support those who were otherwise unable to receive federal assistance while creating stronger relationships between small business owners and the state’s network of community development financial institutions. I would encourage any eligible small business or residential landlord in need of assistance to apply for this low-interest funding.”
Help for Landlords & Tenant Housing
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, ” Like their tenants, many small landlords have been dealt a severe financial blow by the pandemic. HCR committed $10 million to the ‘New York Forward’ loan fund for small landlords to support those who were deeply impacted by the COVID crisis and who are devoted to serving their tenants by keeping their buildings in decent, safe and sanitary condition. It is especially critical that we provide help to those who serve low- to moderate-income tenants so that we can help to stabilize the small rental housing stock across New York state. This program will provide much-needed financial assistance in our communities at a time when it is most needed.”
The “New York Forward” loan fund was created to provide working capital loans to small businesses – focusing on Minority/Women-owned Business Enterprises (MWBE) – small residential landlords and nonprofit organizations that did not receive funding from the Small Business Administration’s Paycheck Protection Program and economic injury disaster loans. The fund continues to accept and process applications; to date, more than 9,300 eligible applications have been received – over 60% of which were from MWBEs.
Eligible small businesses and small residential landlords can apply for a 60-month, no-fee loan with a 3% fixed interest rate; while eligible nonprofits can apply for a 60-month, no-fee loan at 2% fixed interest. The maximum loan amount is $100,000. Loan funds can be used for working capital including payroll, operating and emergency maintenance, property taxes, utilities, and costs associated with refitting physical space to follow social distancing guidelines.
More information is available online at nyloanfund.com.
Seven banks have pledged support for the “New York Forward” loan fund. They include Apple Bank, BNB Bank, Evans Bank, HSBC, M&T Bank, Morgan Stanley, and Wells Fargo. Additionally, the fund has received philanthropic commitments from the BlackRock Charitable Fund, Citi Foundation, Ford Foundation, and the Ralph C. Wilson, Jr. Foundation. The “New York Forward” loan fund was established with support from Calvert Impact Capital. The Local Initiatives Support Corp. (LISC) is administering the fund, and Connect2Capital is hosting applications.