On January 23, New York City Mayor Eric Adams and New York City Department of Small Business Services (SBS) Commissioner Kevin D. Kim announced the NYC Small Business Opportunity Fund, a $75 million public-private loan fund directed at small businesses in NYC.
The new Opportunity Fund will enable business owners to:
- Apply for loans ranging from $2,000 to $250,000;
- Pay a below-market fixed interest rate of 4 percent, regardless of loan size;
- Pay only interest for the first six months for start-up businesses, regardless of loan size;
- Use the loan to refinance existing high-interest debt, expand their customer base, hire new employees, and more; and
- Access free long-term business support through SBS.
There is no minimum credit score required and no application fee.
Approximately 1,500 local businesses will be served by the fund, whether a start-up, growth-stage business, or rebuilding after the pandemic.
You can learn more and apply online here and call 888-SBS-4NYC for questions or help with your application.
Photo Credit: New York City Department of Small Business Services
