New York Forward Loan Fund

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 For Small Businesses | For Nonprofits | For Landlords | Ineligible Businesses

Business Requirements – Small Businesses

To be eligible for a New York Forward Loan Fund working capital loan, a small business must meet the requirements detailed below. Please note that the pre-application should be completed and submitted by the owner of the business with the largest ownership interest, and that all owners with more than 20% ownership will be required to attest to the information therein. 

  • Employ 50 or fewer full-time equivalent (FTE) employees;
  • Have gross revenues of less than $5 million per year;
  • Must not have received a U.S. Small Business Administration Paycheck Protection Program of greater than $500,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of greater than $150,000;
  • Have suffered a direct economic hardship as a result of COVID-19 related social distancing policies and stay-at-home order that have materially impacted their operations;
  • Been in business for at least 1 year as of the date of loan application; and
  • Located in the State of New York.

Business Requirements – Nonprofits

To be eligible for a New York Forward Loan Fund working capital loan, a nonprofit must meet the requirements detailed below. Please note that the pre-application should be completed and submitted by a member of the nonprofit’s executive team and will be required to attest to the information therein.

  • Organized as 501(c)(3) or faith-based organization (cannot be for support of religious worship or activities);
  • Employ 50 or fewer full-time equivalent (FTE) employees for nonprofit;
  • Provide direct services to New Yorkers for example daycare services, legal aid, food banks, soup kitchens, after school programs, senior services, educational programs, clothing banks;
  • Have an annual operating budget of less than $5 million per year;
  • Must not have received a U.S. Small Business Administration Paycheck Protection Program of greater than $500,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of greater than $150,000;
  • Have suffered a direct economic hardship as a result of COVID-19 related social distancing policies and stay-at-home order that have materially impacted their operations;
  • Been in operation for at least 1 year as of the date of loan application; and
  • Located in the State of New York.

Business Requirements – Residential Landlords

To be eligible for a New York Forward Loan Fund working capital loan, small residential landlords must meet the requirements detailed below. Please note that the pre-application should be completed and submitted by the owner of the business with the largest ownership interest, and that all owners with more than 20% ownership will be required to attest to the information therein. 

  • Have no more than 200 units under ownership, and no single property greater than 50 units;
  • Properties must either be located in a low or moderate income (LMI) census tract or meet a rent test where property rents are affordable to tenants of low and moderate income;
  • Properties must have positive cash flow for a 12-month period prior to NY Forward loan request
  • Properties must have an active forbearance agreement for their mortgage or proof that they have not missed a monthly debt service payment in the last 12 months, and/or no active mortgage;
  • Properties must be current on their property taxes through March 2020;
  • Property owners must attest that they will not evict COVID-impacted non-paying tenants;
  • Properties must be in good repair, with no major and safety violations;
  • Have suffered a direct economic hardship as a result of COVID-19 related social distancing policies and stay-at-home order that have materially impacted their operations;
  • Been in business for at least 1 year as of the date of loan application; and
  • Properties must be located in the State of New York.

Ineligible Businesses

Businesses that are NOT eligible include, but may not be limited to:

  • Corporate-owned franchises;
  • Not-for-profit social clubs;
  • Branch banks;
  • Pay day loan stores;
  • Pawn shops;
  • Astrology, palm reading;
  • Liquor stores, night clubs;
  • Adult bookstores, massage parlors, strip clubs;
  • Track waging facilities;
  • Trailer-storage yards;
  • Marijuana dispensaries.