More than $2.3 million awarded to small businesses, non-profits through New York Forward Loan Fund

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NEW YORK, NY – JULY 01: New York Gov. Andrew Cuomo speaks at a news conference on July 1, 2020 in New York City. The governor expressed alarm at Director of the National Institute for Allergy and Infectious Diseases Dr. Anthony Fauci’s recent prediction that there could be 100,000 new Covid-19 cases per day and provided a number of updates related to an increase of states where out-of-state visitors will be required to quarantine for 14 days.
(Photo by Byron Smith/Getty Images)

ALBANY, N.Y. (WIVB)–Sixty-one businesses and residential landlords with COVID-19 related costs and expenses have been awarded more than $2.3 million through the New York Forward Loan Fund, Governor Andrew Cuomo announced.

Of the 61 loans, 54 loans went to minority and women-owned businesses, ten loans went to residential landlords, two loans were awarded to veteran-owned businesses, and one supported a non-profit organization.

Governor Cuomo says, “The New York Forward Loan Fund is providing critical assistance to alleviate lost revenue and offset reopening-related expenses, getting these businesses back on their feet and contributing to New Yorkers’ efforts to build back our state and local economies even stronger than before.”

He also says applications are still being accepted and encourages qualifying businesses to apply.

“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,” Cuomo added.

Eligible small businesses and small residential landlords can apply for a 60-month, no-fee loan with a 3% fixed interest rate, while eligible non-profits can apply for a 60-month, no-fee loan at 2% fixed interest.

The Governor’s Office says the maximum loan amount is $100,000.

The New York Forward Loan Fund provides working capital loans to small businesses, small residential landlords, and non-profits that did not receive funding from the PPP and Economic Injury Disaster Loans.

Troy Licastro is a digital content producer who has been part of the News 4 team since 2018. See more of his work here.

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