New York City Mayor Eric Adams, and the commissioner of the city’s Department of Small Business Services (SBS), Kevin D. Kim, announced the start of the $75 million NYC Opportunity Fund. This is the largest public-private loan fund for small businesses in the city’s history.
The fund will help about 1,500 local businesses with loans of up to $250,000 at a market-leading rate of 4%. This will give small businesses, often left out of financial aid programs, access to new resources at a crucial time in the city’s economic recovery.
“Small businesses need a boost to reach a full and fair recovery,” said SBS Commissioner Kim. “With the launch of NYC Small Business Opportunity Fund, SBS is giving them that boost.” “This loan fund will help businesses hardest hit by the recent pandemic get back on their feet and grow by giving them affordable financing packages to help them recover and grow. We are committed to making sure that local small businesses use this fund to move forward, especially those too often left out of relief efforts during a pandemic.”
Small Businesses Key to NYC Recovery
Small businesses kept New York City going during the pandemic and are also leading the way now that the city is improving. The new Opportunity Fund will help make the economy more open and diverse by giving business owners a chance to:
- Apply for loans between $2,000 and $250,000.
- Pay a fixed interest rate of 4% below the market rate, no matter how big the loan is.
- Pay only the interest for the first six months on any loan size for a new business.
- Use the loan to pay off high-interest debt, get more customers, hire more workers, and more.
- SBS lets you get free long-term help for your business.
“Small businesses kept us going during the pandemic, and now they are leading the way as our economy improves. Now, with the NYC Small Business Opportunity Fund, we’re giving back,” said Mayor Adams. “Our efforts to cut red tape and get our economy going again are already paying off: In the first half of 2022, 13,600 new businesses opened, which includes 1,800 new storefronts. This opportunity fund will help us build on that progress and is the next big step in our city’s partnership with small business owners and entrepreneurs.
Is New York City Your Next Home?
To call New York City home is to come home to one of the world’s most amazing cities. The feeling of belonging to something bigger than you is overwhelming.
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