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NY Announces $150M in Small Business Loans

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If you own a small business, you should know that $150 million in New York Forward loans has been made available by the state.

Businesses with fewer than 100 employees and with a gross annual revenue of under $5 million can apply for up to $150 thousand of fixed-rate interest loans. The funding will have a particular focus on helping businesses and nonprofits in historically underbanked communities and rural areas.

“New York’s small businesses are the lifeblood of our state’s economy and vital to growing and strengthening New York State,” Governor Kathy Hochul said. “With expanded eligibility, this new and improved New York Forward Loan Fund will build on the success that the first fund achieved supporting small businesses during the pandemic and continue to help even more small businesses grow and thrive across the state.”

Empire State Development President, CEO and Commissioner Hope Knight said, “The New York Forward Loan Fund 2 was designed to be a stable, flexible resource for New York’s small business community across the state to access capital when they need it. This innovative program will match small businesses to strong, statewide CDFI lenders who can provide individualized service and technical assistance, especially for business owners who have credit needs that are too small for most banks.”

If your business is interested in the loan program, you can find more information about it and how to apply at nyloanfund.com.

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