THE CHALLENGE
The economic impact of COVID-19 and related social distancing policies has been immediate and unprecedented and is crushing community-based organizations, especially in the state of New York. Small businesses, nonprofits, and small landlords are amongst those hardest hit, and those not receiving PPP funding loans.
Further, smaller, local businesses in lower-income communities and led by people of color were already suffering from a lack of access to capital and discrimination. Without providing a safety net and access to affordable capital, the racial wealth gap may widen to the point of wiping out an entire segment of the US economy.
THE OPPORTUNITY
The New York Forward Loan Fund Trust (NYFLF), a new $100M loan fund, provides flexible, low-interest capital to small businesses, nonprofits, and small landlords in New York State reeling from the economic impact of COVID-19.
The Trust enables partner CDFIs to service small and local businesses and nonprofits. Loans to these organizations and the technical assistance that accompanies them, will provide organizations with the support they need to reopen and navigate a new economic reality. LISC Strategic Investments manages NYFLF capital, which will be distributed via five CDFIs.
NYFLF IMPACT
WHO IS ELIGIBLE
Qualifying Investments
-
Small businesses, nonprofits & small landlords
-
Have not received a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program or SBA Economic Injury Disaster Loans for COVID-19 in 2020
For full loan terms & qualifications see NYFLF Overview
Loan Terms
-
Eligible non-profits can apply for a 60-month, no-fee loan at 2% fixed interest
-
Eligible small businesses and small landlords can apply for a 60-month, no-fee loan with a 3% fixed interest rate
-
The maximum loan amount is $100,000
To fill out a pre-application for a loan at NYloanfund.com
General Information
NYFLF Website
Loan Originating CDFI Contacts
Frequently Asked Questions
Organizations Available to Assist
IN THE NEWS
