New York State has launched a $100 million forward loan fund that will aid small businesses that were impacted by the novel coronavirus (COVID-19) pandemic.
New York Gov. Andrew Cuomo announced the launch of the New York Forward Loan Fund, which will “provide flexible and affordable loans to help small businesses.”
Cuomo said that the loans will focus on minority and women-owned small businesses that did not receive federal COVID-19 assistance.
“The economic projections are actually frightening … more than 100,000 businesses have shut down permanently since the pandemic hit,” he said. “We’re making more than $100 million available to make loans to small businesses focusing on MWBEs that didn’t receive any federal funding.”
Cuomo noted that small businesses represent more than 90 percent of New York businesses, and they currently are facing the toughest barriers as they look to recover.
The state will be taking a “smart targeted approach” to distributing the loans, focusing on businesses with 20 or fewer employees and less than $3 million in gross revenues.
"Small businesses are the engine of the New York economy, but they are now facing some of the toughest challenges in this pandemic," Cuomo said. "Helping our small businesses is a top priority, and we are starting the New York Forward Loan Fund and making more than $100 million available to provide loans to small businesses that have faced even greater risks and received less in federal relief throughout this pandemic."
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