NYC Launches $75 Million Small Business Opportunity Fund
On January 23rd, New York City Mayor Eric Adams, along with Goldman Sachs and Mastercard, announced a new initiative to support small businesses that have been impacted by the COVID-19 pandemic. The $75 Million NYC Small Business Opportunity Fund will provide loans of up to $250,000 at an interest rate of 4% to qualifying small businesses in the city. The loans are designed to help small businesses recover from the economic effects of the pandemic and promote economic growth in underrepresented communities.
To qualify for a loan, businesses must make less than $5 million annually and be located in New York City. There are no application fees or minimum credit score requirements. The loans are available to both startups and existing businesses.
The initiative aims to address inequities in the distribution of pandemic relief funds in the past, where many small businesses in underrepresented communities were unable to access the resources they needed to stay afloat. The loans will be distributed through a partnership between the city, Goldman Sachs, and Mastercard. Goldman Sachs has contributed $50 million to the program, while Mastercard will help educate small business owners and has contributed $500,000.
The remaining balance of the loan fund will be covered by the City of New York's Community Development Financial Institutions and Community Reinvestment Fund. The program is the largest public-private loan fund of its kind, and is a significant step forward in the city’s partnership with entrepreneurs and small business owners.
For more information about the program you can call the SBS hotline at 888-SBS-4NYC (888-727-4692) or visit their website which is available in multiple different languages.