Putting Wise Plans in Place

For Your Personal & Professional Future

The New York Forward Loan Program

As New York State is beginning to reopen, the Governor announced a new state loan program, “New York Forward Loan Fund (NYFLF)”. Per the Governor’s statement, the NYFLF is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits, and small landlords. The loan program targets the state’s small businesses with 20 or fewer full-time equivalent employees, nonprofits, and small landlords that have seen a loss of rental income.

The NYFLF is specifically timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with state guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan. It is important to note the following:



  • Pre-applications for the New York Forward Loan Fund are now open. Priority will be given to industries and regions that have been reopened. This is not a first-come, first-served loan program.

    • Applications will be reviewed on a rolling basis as regions and industries reopen. The geographic proportionality goals for the New York Forward Loan Fund for small businesses are:

      • Capital Region 4%

      • Central NY Region 4%

      • Finger Lakes Region 4%

      • Hudson Valley Region 12%

      • Long Island Region 18%

      • Mohawk Valley Region 4%

      • NYC Region 30%

      • North Country Region 4%

      • Southern Tier Region 4%

      • Western NY Region 8%

    • Small businesses and nonprofits must employ 20 or fewer full-time equivalent employees;

    • Small businesses must have gross revenues of less than $3 million per year;

    • Nonprofits must provide direct services and have an annual operating budget of less than $3 million per year;

    • Applicants must not have received a loan from either the SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL) for COVID-19 in 2020.

    • The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest (see below).

    • Small landlords will qualify if owners of residential buildings of 50 units or less, and will prioritize loans for landlords whose properties are in low and moderate-income census tracts or who serve low to moderate-income tenants.

Five Community Development Financial Institutions will be processing pre-applications on June 1, 2020: Accion East, Community Preservation Corporation, National Development Council, Pursuit, and TruFund Financial Services.

  • Loan Amount:

    • Small Businesses: Small businesses can apply for a loan in the amount of the lesser of (a) $100,000 or (b) up to 100% of average monthly revenues in any 3-month period from January 2019 through the first quarter of 2020.

    • Nonprofits: Nonprofits can apply for a loan in the amount of the lesser of (a) $100,000 or (b) up to 100% of average monthly expenses in any 3-month from January 2019 through the first quarter of 2020.

  • Small Landlords: Small Landlords can apply for a loan in the amount of the lesser of (a) $100,000 or (b) projected reduction in 3-months’ net operating income based on actual reductions in net operating income for the month of April or May 2020.

  • Interest Rate:

    • Small businesses and landlords: The fixed annual interest rate on the loan will be 3%.

    • Nonprofits: The fixed annual interest rate on the loan will be 2%.

  • Repayment:

    • For months 1 – 12: Interest-only payments, paid monthly.

    • For months 13 - 60: interest and principal payments, paid monthly.

  • Term: 5 years (60 months).

  • Proceeds:

    • Proceeds are required to be used for working capital, inventory, marketing, refitting for new social distancing guidelines, operating and emergency maintenance, property taxes, utilities, rent, supplies, etc.

    • Refinancing of an existing loan is not permitted.

    • The loan applicant will be required to detail the anticipated use of funds when they apply.

  • Borrower Fees: No application fees. Late fees will be assessed for missed payments.

  • Security.: No collateral is required.

  • Prepayment: The borrower may prepay the loan without penalty.

  • No personal guaranty required.

Click here for more information on how to apply. To fill out a pre-application and match with a participating lender, please click here.

If you have any questions, please do not hesitate to contact our office!