Loan Program Offers Assistance to Small Businesses, Nonprofits and Small Residential Landlords Impacted By COVID-19
(FONDA, NY) – Many small businesses, nonprofit agencies and residential landlords have faced significant economic hardship because of the COVID-19 pandemic. To help ease the financial burden, New York State has launched a new New York Forward Loan Fund (NYFLF), which provides low interest loans as these businesses and organizations as they reopen after the COVID-19 outbreak and NY on Pause.
To assist those interested in securing funding through the NYFLF, the Montgomery County Business Development Center, in partnership with Empire State Development, will host a special informational webinar on Monday, December 21, 2020 at 9:30 a.m. The webinar will provide an overview of the program, including eligibility requirements for borrowers and projects; the application and approval process; NYFLF program goals; loan terms and more.
“Many of our small businesses have been crippled by the pandemic and the public health restrictions that have limited in-person activity. Fortunately, this program will provide access to much needed working capital that will help businesses comply with the state’s social distancing guidelines, meet operating challenges, and pay the bills that keep the lights on,” said Montgomery County Business Development Center CEO Ken Rose.
“Our small businesses are the heart and soul of the community. Whether its donations for local sports teams, youth events, or a neighbor in need, they are always the first to step up. Now they need our help. Our office is also working to promote our local businesses through the ‘Buy It In Montgomery’ initiative, because we know this year it is more important than ever to shop local,” Rose said.
Registration for the NYFLF webinar is required and can be completed at: https://bit.ly/MCNYFLFWebinar. More information about loan terms and specific eligibility details can be found at www.nyloanfund.com.