“They did not go away from the needs of the city, providing those basic needs,” the mayor said. “You cannot telework if you are delivering food products, health care products, and some of the other basic supplies. They remained open and we are forever in debt to them. Today, we are doing a down payment on that debt with $75 million to small businesses.”Monday and small business owners can learn more about it by calling an SBS hotline at 888-SBS-4NYC.
Kim said the program will be accessible to businesses who’ve been left out of other loan programs because there’s no minimum required credit score or number of years in business and there’s no application fee. “Regardless of your credit score, there is no minimum credit score, or years in business, whether you’re a freelancer or employ several workers, if you need to boost to hire more people, invest in your equipment, grow your operations, or even pay down existing high interest debt, that’s what this money can be used for,” Kim said.
CDFIs will offer one-on-one assistance, plus no-cost financial counseling, to businesses applying for a loan through the program. Some of the CDFIs involved in the loan fund include
We are not post-pandemic.
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