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New York Forward Loan Fund Helps Businesses Keep Their Doors Open
August 05, 2020
The NY Forward Loan Fund (NYFLF) has lent more than $3.1 million to support 77 businesses and residential landlords across NY state with COVID-19 related costs and expenses as of today. Calvert Impact Capital serves as the lead arranger for the NYFLF, a public-private collaboration to bring capital to the smallest small businesses, nonprofits, and property owners across New York State, with focus on businesses owned by women and people of color, and those located in historically under-banked communities.
“The pandemic's impact on small businesses was especially damaging and we're not going to leave them behind - they are the backbone of New York's economy and central to our recovery," Governor Cuomo said. The NYFLF is meant to compliment federal relief efforts, which often struggle to reach community-level small businesses and nonprofits. “The New York Forward Loan Fund was both my last resort and the perfect fit. No other program offered the freedom, flexibility, and small business-friendly terms I needed to pay the rent, order inventory, and finally reopen my store” said one businesses owner. Read more about how NYFLF is helping small businesses keep their doors open.
The NYFLF continues to accept and process applications; to date, more than 9,300 eligible applications have been received - over 60% of which were from businesses led by women or people of color. The fund is aiming for broad geographic distribution across the state and loan processing has picked up as all 10 regions have entered the final phase of reopening. Full details on program eligibility and product design can be found at www.NYLoanFund.com
