NY Forward Loan Fund Still Accepting Applications

by Contributor | August 13, 2020 2:40 pm

OSWEGO COUNTY – Governor Andrew M. Cuomo recently announced that more than $2.3 million has been awarded to support 61 businesses and residential landlords with COVID-19 related costs and expenses through the New York Forward Loan Fund.

Of the 61 loans, 54 were provided to minority- and women-owned businesses; ten loans were provided to residential landlords; two loans were awarded to veteran-owned businesses; and one loan supported a non-profit organization.

Applications are still being accepted and businesses from qualifying industries, including agriculture, construction, food services, retail, education services, manufacturing and transportation, are encouraged to apply.

Eligible small businesses and small residential landlords can apply for a 60-month, no-fee loan with a 3% fixed interest rate; while eligible non-profits can apply for a 60-month, no-fee loan at 2% fixed interest.

The maximum loan amount is $100,000. Loan funds can be used for working capital including payroll, operating and emergency maintenance, property taxes, utilities and costs associated with refitting physical space to follow social distancing guidelines. More information is available online at nyloanfund.com.

Seven banks have pledged support for the New York Forward Loan Fund: Apple Bank, BNB Bank, Evans Bank, HSBC, M&T Bank, Morgan Stanley and Wells Fargo. Additionally, the fund has received philanthropic commitments from the BlackRock Charitable Fund, Citi Foundation, Ford Foundation, and the Ralph C. Wilson, Jr. Foundation.

The New York Forward Loan Fund was established with support from Calvert Impact Capital. The Local Initiatives Support Corporation (LISC) is administering the fund, and Connect2Capital is hosting applications.

Source URL: https://oswegocountytoday.com/news/ny-forward-loan-fund-still-accepting-applications/

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