New York Forward Loan - Small Businesses

Loan Terms

The loan terms are as follows:

  • Loan Amount:
    • For small businesses: Lesser of (a) $100,000 or (b) up to 100% of average monthly revenues in a 3-month period prior to the COVID-19 outbreak.  The 3-month period can be any 3-month period from 2019 or January to March 2020.
    • For Example:
      1. October 2019 Revenues: $10,000
      2. November 2019 Revenues: $15,000
      3. December 2019 Revenues: $30,000
      4. Average Revenues: $18,333
      5. 3-months of Average Revenues: $55,000
      6. Maximum loan size is $55,000
      7. If the maximum loan size is greater than $100,000, the maximum loan size will be $100,000
  • Interest Rate:
    • For small businesses, the fixed annual interest rate will be 3%.
  • Repayment: 
    • For months 1 – 12:  Interest only payments, paid monthly. 
    • For months 13 - 60: interest and principal payments, paid monthly.
  • Term: 5 years (60 months).
  • Proceeds:
    • Proceeds are required to be used for working capital, inventory, marketing, refitting for new social distancing guidelines, operating and emergency maintenance, property taxes, utilities, rent, supplies, etc.
    • Refinancing of an existing loan is not permitted. 
    • The loan applicant will be required to detail anticipated use of funds when they apply.
  • Borrower Fees:  No application fees.  Late fee will be assessed for missed payments.
  • Recourse:  No collateral or personal guarantees are required.
  • Prepayment:  Borrower may prepay the loan without penalty.

Loan Requirements

To be eligible for a New York Forward Loan Fund working capital loan, a small business must meet the requirements detailed below. Please note that the pre-application should be completed and submitted by the owner of the business with the largest ownership interest, and that all owners with more than 20% ownership will be required to attest to the information therein. 

  • Employ 20 or fewer full-time equivalent (FTE) employees;
  • Have gross revenues of less than $3 million per year;
  • Have not received a loan from either SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL) for COVID-19  in 2020;
  • Have suffered a direct economic hardship as a result of COVID-19 related social distancing policies and stay-at-home order that have materially impacted their operations;
  • Been in business for at least 1 year as of the date of loan application; and
  • Located in the State of New York.

Documentation Requirements

As part of the application, the loan applicant must provide the following documentation:

  • Most recently filed tax returns, if available and required by the lender; if not available, internally generated financial statements or other documentation used to determine cash flows;
  • Schedule of ownership (name, address, social security number, phone number, email, percentage ownership, photo ID for any owners with more than 20% ownership);
  • Executed Attestation Form (to be provided by lender);
  • Brief description of COVID-19 impacts on jobs and revenues;
  • Evidence of legal formation of business entity (Articles of Incorporations and/or Bylaws); and
  • Personal Credit Report (if applicable).


A participating Community Development Financial Institution (CDFI) lender will reach out to the loan applicant to collect the required documentation, conduct any credit checks, and finalize the application review process.

Due to the high expected demand, the number of New York Forward loans will be limited. Applications will be reviewed on rolling basis as regions and industries are phased to reopen.  Please note that submitting an application is not indication of eligibility or that funding will be approved.

We therefore recommend applying as soon as possible. In the event the website is overwhelmed, we recommend checking back often to submit your pre-application.


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Frequently Asked Questions