Announcement of Niagara County Center for Economic Development: NY Forward Loan Fund funding
Fri, May 22, 2020 2:55 pm
From the Niagara County Center for Economic Development:
On Friday, Governor Cuomo announced the New York Forward Loan Fund, which aims to help small businesses, nonprofits, and small New York State landlords reopen after the COVID-19 outbreak and NYS on PAUSE.
This $ 100 million program is aimed at small state businesses with 20 or fewer full-time equivalents (FTE) (90% of all businesses), nonprofits, and small landlords who have lost rental income. It is designed to support companies that have not received a loan for COVID-19 from either the US Small Business Administration’s (SBA) Paycheck Protection Program (PPP) or the SBA Economic Injury Loan (EIDL) in 2020.
The working capital loans are timed to help businesses and organizations reopen and have upfront spending to comply with guidelines (e.g. inventory, marketing, upgrading to new social distancing guidelines) under the New York Forward plan . Eight percent of the $ 100 million will be allocated to businesses in the Western New York area.
Advance applications for the New York Forward Loan Fund will open on Tuesday, May 26th at 12 noon. Reopened branches and regions have priority. This is not a first-come, first-served loan program. The applications are continuously checked when regions and industries are reopened.
For small businesses and nonprofits operating in industries that have not yet reopened, it is recommended that you prepare your application in advance using the application preparation resources available Here. This allows you to quickly submit your pre-application as soon as it is announced that your industry is gradually reopening.
The NCCC Small Business Development Center is available to provide help with loan application or assist you with the application process. You can reach them at 716-210-2515 or at [email protected].
Stay engaged. In the coming days and weeks, keep looking for emails from our office letting you know the latest news about the reopening and what support is available to you during this difficult time. Our people work hard to put together a complete list of the policies, security protocols, and programs available. To find out more, be sure to visit our website and bookmark it. There, look for the COVID-19 tab.
