Sunday, February 5, 2023

Approved Applications for the NYC Small Business Opportunity Fund

NEW YORK – New York City Mayor Eric Adams and Department of Small Business Services (SBS) Commissioner Kevin D. Kim on Monday announced the unprecedented creation of the New York City Small Business Opportunity Fund. New York City $75 million, the largest public-private loan fund directed at small businesses in the city’s history.

According to the mayor’s office, the fund will help nearly 1,500 local businesses with loans of up to $250,000 at a market-leading rate of 4 percent, freeing up unprecedented resources for small businesses at a critical time in the city’s economic recovery. Often neglected by financial aid programs.

Flexible terms to ensure broad access to funds by eliminating credit score minimums, waiving application fees, serving new and growth-stage businesses, and leveraging the deep roots of local organizations to reach businesses in BIPOC and immigrant communities Addresses historical barriers to

The New York City Small Business Opportunity Fund serves all small businesses in the City, including:

  • Businesses located in low- and moderate-income (LMI) communities
  • women’s business
  • BIPOC Business
  • immigrant business owners
  • New or early stage businesses with less than two years of revenue
  • Reconstruction and recovery of businesses

“Small businesses got us through the pandemic and are keeping us ahead during our economic recovery. Now, we’re giving back with the New York City Small Business Opportunity Fund,” said Mayor Adams. “Our efforts to cut red tape and jumpstart our recovery are already paying off – we’ve opened 13,600 new homes in the first half of 2022 opened new businesses, including 1,800 new storefronts. This new loan fund will help us advance that progress and represent the next big step in our city’s partnership with our entrepreneurs and small business owners.

The Opportunity Fund is made possible by a historic partnership between New York City and Goldman Sachs, the MasterCard Center for Inclusive Growth, the Community Reinvestment Fund (CRF) and local Community Development Financial Institutions (CDFIs).

The new Opportunity Fund will support a more inclusive and diverse economy by allowing business owners to:

  • Apply for loans ranging from $2,000 to $250,000;
  • Pay a fixed below-market interest rate of 4 percent, regardless of loan size;
  • Pay only interest for the first six months for new businesses, regardless of the size of the loan;
  • Use the loan to refinance existing high-interest debt, expand your customer base, hire new employees, and more; why
  • Get free long term business support through SBS.

“To achieve a full and equitable recovery, New York City small businesses need a boost, and with the launch of the historic New York City Small Business Opportunity Fund, SBS is delivering,” said SBS Commissioner Kim. “This debt fund will unlock opportunities for businesses most affected by the pandemic by offering flexible and affordable financing to help businesses recover and grow. Our dedicated team and partners are committed to ensuring that local small businesses, especially those often left out of pandemic-era relief, use this fund to keep themselves buoyant.

According to the latest research from the city’s Economic Development Corporation, 13,600 new businesses are expected to open in the first half of 2022, including 1,800 new storefronts.

To be eligible for the loan, businesses must have less than $5 million in annual revenue and be located within New York City. Applications for the Opportunity Fundraiser are currently open, and applicants may obtain more information about the fund by calling the SBS Hotline at (888) SBS-4NYC.

In addition, the City will offer webinars to help businesses learn about the application process and next steps. Webinars will be offered weekly.

“The New York City Small Business Opportunity Fund is a game changer for our city’s small businesses, providing an unprecedented resource at a critical time for the city’s economic recovery,” said New York State Senator Luis Sepulveda. “This $75 million public-private loan fund, the largest in city history, will serve nearly 1,500 local businesses with loans of up to $250,000 at a market-leading rate of 4 percent, breaking down barriers and providing access to financial relief. will have a wider reach. which have often been neglected.

Application can be found here. For more information, visit the City of New York’s Small Business page Twitter,

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
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