Over $ 2.3 million awarded through the New York Forward loan fund
Tue Aug 4, 2020 1:10 pm
The program provides funding to businesses, nonprofits and homeowners who have not received federal COVID-19 assistance
Applications are still being accepted at nyloanfund.com
Governor Andrew Cuomo announced on Tuesday that more than $ 2.3 million has been granted to support 61 businesses and homeowners with costs and expenses related to COVID-19 through the “New York Forward” loan fund. Of the 61 loans, 54 were made to businesses owned by minorities and women; 10 loans were granted to residential owners; two loans were made to veteran-owned businesses; and a loan supported a nonprofit organization.
Applications are always accepted and companies from eligible industries including agriculture, construction, food service, retail, education services, manufacturing and transportation are encouraged to apply.
“The impact of the pandemic on small businesses has been particularly damaging and we are not going to leave them out – they are the backbone of New York’s economy and are at the heart of our recovery,” said Cuomo. “The New York Forward Loan Fund is providing critical assistance to mitigate lost revenue and offset reopening expenses, getting these businesses back on their feet and contributing to New Yorkers’ efforts to rebuild our state and local economies again. stronger than before. “
Eric Gertler, Empire State Development Acting Development Commissioner Eric Gertler, said: “The COVID-19 pandemic has affected businesses and industries in New York State, especially our small businesses and in especially minority and women owned businesses. Forward, “we are proud to support those who otherwise might not have received federal assistance while building stronger relationships between small business owners and the state’s network of community development financial institutions. ‘would encourage any qualifying small business or homeowner needing assistance to apply for this low interest rate financing.
New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Like their tenants, many small homeowners have suffered a financial hardship as a result of the pandemic. UNHCR has committed $ 10 million to the New York Forward Loan Fund for Smallholders to support them. who have been deeply affected by the COVID crisis and who are dedicated to serving their tenants by keeping their buildings in decent, safe and sanitary condition. It is especially critical that we help those who serve low to modest income tenants so that we can help stabilize the small rental housing stock in New York State. This program will provide much needed financial assistance to our communities at a time when it is most needed.
The New York Forward Loan Fund was established to provide working capital loans to small businesses – with a focus on MWBEs – small homeowners and non-profit organizations that have not received funding. the Small Business Administration Paycheck Protection and Economic Disaster Loans Program. The fund continues to accept and process requests; To date, over 9,300 eligible applications have been received, of which over 60% came from MWBE.
One of the small businesses that accessed the funds is A Bead Just So, a full-service Ballston Spa bead store in Saratoga County. Founded in 2013, the store sells a variety of beads for jewelry making, offers jewelry repair services, and regularly holds classes and events. Through the New York Forward loan fund, the company secured a working capital loan of $ 27,577 from Pursuit Lending which retained five jobs and supported the reopening of the business.
Kate Fryer, owner of Bead Just So, said: “I put all my heart and soul into my specialty craft store and having to shut down – although understandably so – has been devastating. I missed seeing my clients and giving each one the personal touch that makes my business so unique and my job so rewarding. The New York Forward Loan Fund was both my last resort and the ideal solution. No other program offered the freedom, flexibility, and small business conditions I needed to pay rent, order inventory, and finally reopen my store. “
Qualifying small businesses and small homeowners can apply for a 60-month no-charge loan with a fixed interest rate of 3%; while qualifying nonprofits can apply for a 60 month no charge loan at 2% fixed interest. The maximum loan amount is $ 100,000. Loan funds can be used for working capital, including payroll, operational and emergency maintenance, property taxes, utilities, and costs associated with redeveloping the physical space to keep up. social distancing guidelines.
More information is available online at nyloanfund.com.
Seven banks have pledged to support the New York Forward loan fund: Apple Bank, BNB Bank, Evans Bank, HSBC, M&T Bank, Morgan Stanley and Wells Fargo. In addition, the fund has received philanthropic commitments from the BlackRock Charitable Fund, the Citi Foundation, the Ford Foundation and the Ralph C. Wilson, Jr. Foundation. The “New York Forward” loan fund was created with support from Calvert Impact Capital. The Local Initiatives Support Corp. (LISC) administers the fund and Connect2Capital hosts the applications.