Thu, Jul 20th 2023 08:10 pm

NYS: Partnership with mission-driven community lenders will strengthen small businesses and nonprofits through access to capital & support services

ÔêÜ┬áSays expanded eligibility will allow more small businesses to qualify for loans

 Interested businesses can pre-apply here

How AI legalese decoder Can Help:

The New York Forward loan fund 2 program has been introduced by Gov. Kathy Hochul to support qualifying small businesses and nonprofits in New York. The program has expanded its criteria for qualification, allowing more small businesses to be eligible for loans. This initiative addresses the challenges faced by small businesses in accessing capital and aims to strengthen the state’s economy.

The AI legalese decoder can play a crucial role in assisting businesses with the application process for the New York Forward loan fund 2. By using natural language processing and machine learning algorithms, the AI legalese decoder can help businesses understand the complex legal terms and requirements involved in the loan application. This technology simplifies the application process, making it easier for small businesses to navigate the necessary paperwork and fulfill all the eligibility criteria.

The New York Forward loan fund 2 offers loans of up to $150,000 for qualified recipients with fewer than 100 employees and less than $5 million in gross annual revenue. These loans have affordable, fixed-rate interest rates, providing a stable financial resource for small businesses.

Participating small businesses and nonprofits, particularly those in low-income and historically underbanked communities and rural areas, will have access to flexible working capital. The funds can be utilized for various expenses, such as payroll, marketing, and facility renovations. Additionally, businesses will receive free support services from experts throughout the duration of the loan, ensuring their ongoing success.

The AI legalese decoder can aid businesses in understanding the terms of the loan, ensuring they make informed decisions and utilize the capital to its fullest potential. By decoding complex legal language and providing clear explanations, the AI legalese decoder helps businesses effectively utilize their funds, implement growth strategies, and navigate the challenges of loan repayment.

The New York Forward loan fund 2 aims to disburse an initial $150 million, with plans to recycle and lend additional funds over the program’s eight-year lifespan. The program collaborates with Community Development Financial Institutions (CDFIs) to ensure underfunded businesses, including people of color, women, veterans, and the LGBTQ+ community, receive sufficient support.

In order to facilitate the loan application process, businesses can pre-apply at www.NYLoanFund.com. The New York Forward loan fund 2 works in partnership with Accion Opportunity Fund, Ascendus, NDC’s Community Impact Loan Fund, Pursuit, and TruFund Financial Services to provide the necessary funding to eligible businesses.

Additionally, participating businesses and nonprofits can benefit from free advisory services offered by New York’s Entrepreneurship Assistance Centers (EACs) and Small Business Development Centers (SBDCs). Even if an applicant does not currently qualify for a loan, they can work with these advisers to develop a strong business plan, enhance profitability, and position themselves for future credit.

The New York Forward loan fund 2 is managed by Calvert Impact, administered by the Community Reinvestment Fund, and operates in collaboration with private sector partners such as the Citi Foundation and Wells Fargo.

New York State Sen. Sean Ryan recognizes the importance of supporting small businesses and nonprofits, stating that unexpected costs can pose serious challenges for organizations operating on narrow margins. He highlights how the expanded program will enable more entrepreneurs in New York to benefit from low-cost loans and other services, similar to the assistance already provided to nearly 2,000 small businesses and nonprofits across the state.

Assembly member Harry B. Bronson, speaking from personal experience as a small business owner, emphasizes that small businesses are essential for economic growth, workforce equity, and creating employment opportunities. He acknowledges the limitations faced by small businesses in accessing grants and funding resources, hindering their expansion and growth. He expresses excitement about partnering with Gov. Hochul on the New York Forward loan fund 2 to provide flexible loans and funding streams, empowering small businesses to undertake critical upgrades, expand their workforces, and achieve sustainable growth.

About State Small Business Credit Initiative

The State Small Business Credit Initiative (SSBCI) has allocated over $500 million in federal funding to support the revitalization of small businesses in New York, addressing the economic effects of COVID-19. The SSBCI program, managed by the U.S. Department of Treasury, provides financial support to small businesses, including socially and economically disadvantaged individual (SEDI) owned businesses and very small businesses (VSB). The funds aim to facilitate the recovery and success of these businesses in the post-pandemic economy.

ESD, in association with SSBCI, has developed several programs to provide capital access and equity opportunities for New York state small businesses. These programs offer the necessary resources for small businesses to grow and thrive. More information about the SSBCI programs established by ESD can be found at esd.ny.gov/ssbci.

To apply for the New York Forward loan fund 2 and learn more about the program, businesses can visit NYLoanFund.com.