Webinar: New York Forward Loan Fund

by Rino Abdulah April 10, 2023 Posting Komentar

New York Forward Loan Fund LISC Strategic Initiatives from www.liscstrategicinvestments.org

Introduction

In 2023, the state of New York has introduced a new loan fund for small businesses affected by the pandemic. The New York Forward Loan Fund is designed to provide financial assistance to small businesses and nonprofit organizations that have been impacted by COVID-19. A webinar was recently held to provide more information about the loan fund and how small business owners can apply for it.

What is the New York Forward Loan Fund?

The New York Forward Loan Fund is a program that provides loans to small businesses and nonprofits in New York State. The loans are intended to help these organizations cover expenses such as rent, utilities, and payroll. The loans are available to businesses with fewer than 100 employees and nonprofits with fewer than 500 employees.

How much money is available?

The New York Forward Loan Fund has a total of $100 million available for loans. The loans range from $100,000 to $500,000, depending on the size of the business or nonprofit organization.

How to Apply

Who can apply?

Small businesses and nonprofit organizations that have been in operation for at least one year and have experienced a loss of revenue due to COVID-19 can apply for the loan fund. The organization must also be located in New York State and have fewer than 100 employees (for businesses) or 500 employees (for nonprofits).

What are the requirements?

To apply for the loan fund, the organization must have a current business or nonprofit registration with the New York State Department of State. The organization must also have a tax ID number and a DUNS number. The organization must show that it was profitable before the pandemic and has experienced a loss of revenue due to COVID-19.

How to apply?

To apply for the loan fund, the organization must submit an application through the New York Forward Loan Fund website. The application will require basic information about the organization, including its tax ID number and DUNS number. The organization will also need to provide financial statements and tax returns.

Loan Terms

Interest rates and repayment terms

The New York Forward Loan Fund offers loans with a 3% interest rate. The loans have a term of five years and require monthly payments. There is no penalty for early repayment.

Use of funds

The loan funds can be used for a variety of expenses, including rent, utilities, payroll, and other operating expenses. The funds cannot be used for the purchase of fixed assets or to pay off existing debt.

Conclusion

The New York Forward Loan Fund is a helpful resource for small businesses and nonprofit organizations impacted by COVID-19. With a total of $100 million available for loans, the fund can provide much-needed financial assistance to organizations struggling to stay afloat. If you are a small business owner or nonprofit executive in New York State, be sure to check out the New York Forward Loan Fund website to see if you qualify for a loan.