New York Forward Loan Fund
A low-interest small business COVID relief loan that can keep your business moving forward
Like many across the country, you’re looking for small business COVID relief resources and working hard everyday to reboot and rebuild your operations during and after pandemic-related closures. Though the road ahead is uncertain, you can find financial support through the New York Forward Loan Fund.
Through this program, business owners located in New York State can access 100% of your average monthly revenue prior to the COVID-19 pandemic, up to $100,000, at a low, fixed interest rate. When you apply, you’ll be guided step-by-step through the application process by a Pursuit business expert to ensure you have everything you’ll need to get approved.
You can use your New York Forward loan for nearly any business purpose, including refitting your business’s space and operations to meet social distancing guidelines. With an affordable loan to support your needs, you’ll keep your business moving forward and be ready to meet the challenges ahead.
Loan amount based on pre-COVID revenues
Low, affordable interest rate
No prepayment penalty
What is the New York Forward Loan Fund?
The New York Forward Loan Fund (NYFLF) is an economic recovery loan program aimed at supporting New York State small businesses, nonprofits, and small landlords as they reopen during COVID-19. NYFLF targets the state’s small businesses with 50 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits, and small residential landlords that have seen a loss of rental income.
- Loan amount: 100% of average monthly revenues in a three-month period prior to the COVID-19 outbreak, up to $100,000
- Interest rate: fixed at 3%
- Term: 5 years
- For months 1 – 12: interest-only monthly payments
- For months 13 – 60: interest and principal monthly payments
- No application fees
- No prepayment penalty
Is the New York Forward Loan Fund right for me?
The New York Forward Loan Fund is designed to meet the needs of the truly small businesses throughout our communities. You’re eligible for the program if you meet the following requirements:
- You’ve been operating in New York State for at least one year
- You have 50 or fewer full-time equivalent employees
- You have gross revenues of less than $5 million per year
- You’ve suffered a direct economic hardship as a result of COVID-19-related shutdowns
- You must not have received a U.S. Small Business Administration Paycheck Protection Program of greater than $500,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 greater than $150,000.
If you meet the following requirements, you are eligible for the New York Forward Loan Fund through Pursuit:
- You’ve been in business for two years or more
- You have at least two employees
- Your business is cash flow positive or break-even
- Your personal credit score is 620 or higher
- You have annual revenue of $100,000 or more
- In the last three years, you and your business have not had a tax lien or judgment filed
- You and your business have had no prior bankruptcies
What can you use the New York Forward Loan Fund for?
With reopening your business comes upfront expenses to ensure you’re able to fully function and meet demand. The New York Forward Loan Fund is designed specifically to help you through this process. In particular, you can use your loan for:
- Working capital
- Refitting for social distancing measures
- And more
Whether your business had to fully or partially shut down, pivot to find new revenue streams, or move operations online, you’ve proven your resiliency in the face of an unprecedented challenge. Ensure that you have the capital you need to become fully operational and stronger for the future with the New York Forward Loan Fund.
The New York Forward Loan Fund is administered by Pursuit Community Finance