District News

Low Interest Small Business Loans for NYC Entrepreneurs

Feb 1, 2023
Low Interest Small Business Loans for NYC Entrepreneurs

On January 23, New York City Mayor Eric Adams and New York City Department of Small Business Services (SBS) Commissioner Kevin D. Kim announced the NYC Small Business Opportunity Fund, a $75 million public-private loan fund directed at small businesses in NYC.  

The new Opportunity Fund will enable business owners to:

  •  Apply for loans ranging from $2,000 to $250,000;
  •  Pay a below-market fixed interest rate of 4 percent, regardless of loan size;
  •  Pay only interest for the first six months for start-up businesses, regardless of loan size;
  •  Use the loan to refinance existing high-interest debt, expand their customer base, hire new employees, and more; and
  •  Access free long-term business support through SBS.

There is no minimum credit score required and no application fee.

Approximately 1,500 local businesses will be served by the fund, whether a start-up, growth-stage business, or rebuilding after the pandemic.

You can learn more and apply online here and call 888-SBS-4NYC for questions or help with your application.

Photo Credit: New York City Department of Small Business Services