New York Forward Loan Fund (Round 2)
The New York Forward Loan Fund (2nd Round) is a state-funded program that provides loans of up to $150,000 to eligible businesses at an interest rate ranging between 9.5% and 12.5% depending on the length of the loan.
The state-sponsored program is designed for stable businesses looking to grow. Businesses must demonstrate they have the ability to repay the loan through previous or projected cash flow.
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While loans are funded by the state, underwriting decisions are made by community lenders. The lenders in this program are Accion Opportunity Fund, Ascendus, National Development Council’s Community Impact Loan Fund, Pursuit, and TruFund. To begin applying, business owners should complete a pre-application and be matched with a lender.
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This program is one of many financing opportunities available to NYC entrepreneurs, and we encourage you to meet with a Pace SBDC business advisor for no-cost, personalized assistance navigating them all. Our business advisors can guide you through the lending process, answer questions, and help your business grow.
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For more information about the NY Forward Loan Fund (Round 2), visit the program's FAQ page.
We know applying for a loan can be a daunting process. The Pace University SBDC is here to help. Contact us to schedule a no-cost, one-on-one business counseling session.