The New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.

 

NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90 percent of all businesses), nonprofits and small residential landlords that have seen a loss of rental income.

 

NYFLF is providing working capital loans so that small businesses, nonprofits and small residential landlords have access to credit as they reopen. These loans are available to small businesses and nonprofits that did not receive a U.S. Small Business Administration Paycheck Protection Program of greater than $50,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of any amount, except for EIDL advance grant of up to $10,000, and small residential landlords.

 

The loans are not forgivable in part or whole, and they will need to be paid back over a five-year term, with interest.

 

These working capital loans are timed to support businesses and organizations as they proceed to reopen and encounter upfront expenses to comply with COVID-19 guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.

 

The geographic proportionality goals for the New York Forward Loan Fund for small businesses are as follows:

 

• Capital Region 4%
• Central NY Region 4%
• Finger Lakes Region 4%
• Hudson Valley Region 12%
• Long Island Region 18%
• Mohawk Valley Region 4%
• NYC Region 30%
• North Country Region 4%
• Southern Tier Region 4%
• Western NY Region 8%

 

Access to loans for small residential landlords will target owners with residential buildings of 50 units or less, and will prioritize loans for residential landlords whose properties are in low and moderate-income census tracts, or who serve low to moderate-income tenants.

 

The New York Forward Loan Fund is supported by Apple Bank, BNB Bank, BlackRock Charitable Fund, Citi Foundation, Evans Bank, Ford Foundation,  HSBC Bank, M&T Bank, Morgan Stanley, Ralph C. Wilson, Jr. Foundation and Wells Fargo.

 

Pre-applications for the New York Forward Loan Fund are now open. This is not a first-come, first-served loan program. Applications will be reviewed on a rolling basis. For small businesses and nonprofits, you are encouraged to prepare your pre-application in advance by taking advantage of the application preparation resources available here.

 

Five Community Development Financial Institutions (CDFIs) processing pre-applications are: Accion East, Community Preservation Corporation, National Development Council, Pursuit and TruFund Financial Services.  Please do not apply to the participating CDFI lender directly.