Recently Governor Cuomo announced the New York Forward Loan Fund (NYFLF), 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.
The NYFLF targets the state’s small businesses with 20 or fewer employees (90% of all businesses), nonprofits, and small landlords that have seen loss of rental income.
Community Loan Fund of the Capital Region is partnering with The Community Preservation Corporation (CPC), the program’s CDFI partner for small landlords, to provide outreach and technical assistance to small building owners applying to the small landlord loan program.
Under the NYFLF, access to loans for small landlords will be targeted to owners with residential buildings of 50 units or less, and will prioritize loans for landlords whose properties are in low and moderate income census tracts or who serve low to moderate income tenants.
Pre-applications for the New York Forward Loan Fund are currently open. The NYFLF is providing working capital loans so that small businesses, nonprofits, and small landlords have access to credit as they reopen. These loans are available to those who did not receive a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020.
The loans are not forgivable in part or whole. The loans will need to be paid back over a five-year term with interest. For more information regarding qualifications, loan terms, and required documentation, and to fill out a pre-application, click here to visit the NYFLF site.
