May 26, 2020
NDC is a partner in a new program that will target small businesses in New York State focusing on WMBEs, non-profits, and small landlords that did not receive Federal COVID-19 assistance.
On May 23 Governor Cuomo announced the New York Forward Loan Fund for state-wide businesses that did not receive and assistance from the Federal Government’s PPP or EIDL programs. The New York Forward Loan Fund is a more flexible loan program than PPP by allowing small businesses to use funds for operating expenses related to the business (not just payroll and rent). The application portal went live May 26 at noon.
NDC is one of five Community Development Financial Institutions (CDFIs) enabled to make loans to the target borrowers. More than $100 million is expected to be available in the program, with 65% reserved for small businesses, 30% reserved for small landlords, and 5% reserved for nonprofit organizations.
Nassau County announced an additional $500,000 of funding for the program in partnership with NDC to ensure women and minority-owned businesses are not shut out again.