The state might have budget problems, but that doesn’t mean it isn’t going to do what it can to try and help small businesses that were hit hard by the Coronavirus Pandemic.
Governor Andrew Cuomo announced over the weekend the launch of the $100 million New York Forward Loan Fund to provide flexible and affordable loans to help small businesses, focusing on minority and women owned small businesses, that did not receive federal COVID-19 assistance.
He says the state will take a smart, targeted approach for distributing these loans, focusing on businesses with 20 or fewer employees and less than $3 million in gross revenues.
“Small businesses are the engine of the New York economy, but they are now facing some of the toughest challenges in this pandemic,” Governor Cuomo said. “Helping our small businesses is a top priority, and we are starting the New York Forward Loan Fund and making more than $100 million available to provide loans to small businesses, focusing particularly on minority and women owned businesses that have faced even greater risks and received less in federal relief throughout this pandemic.”