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New York State launching its own small business loan program, New York Forward Loan Fund

Savvy way Buffalo small businesses saving money
Posted at 11:52 AM, May 22, 2020
and last updated 2020-05-22 11:52:59-04

ALBANY, N.Y. (WKBW) — In his daily COVID-19 briefing on Friday, Governor Andrew Cuomo announced a new small business loan program for New York State, called the New York Forward Loan Fund.

The program, which launches Friday, is offering more than $100 million in small business loans to New York businesses. Business owners can pre-apply starting at 12 p.m. on Tuesday, May 26.

To qualify, organizations must meet the following requirements:

  • Small businesses and nonprofits must employ 20 or fewer full time workers
  • Small businesses must have less than $3 million per year in gross revenue
  • Nonprofits must provide direct services and have an annual operating budget below $3 million per year
  • Organizations cannot have received a loan from the SBA Paycheck Protection Program or an SBA Economic Injury Disaster Loan for COVID-19 in 2020.

Applications will be reviewed "on a rolling basis" as industries reopen in different regions across the state. The loans are not first-come, first-served