Governor Hochul Announces $150 Million New York Forward Loan Fund 2 to Provide Flexible Loans to New York State Small Businesses

Governor Kathy Hochul announced the New York Forward Loan Fund 2 program for qualifying small businesses and nonprofits. After expanding criteria for qualifications and with even greater resources allocated for the program, the enhanced fund represents an even bolder commitment to New York State’s small businesses. Qualified recipients with fewer than 100 employees and less than $5 million in gross annual revenue can apply for loans up to $150,000 with affordable, fixed-rate interest rates. Part of New York’s broader State Small Business Credit Initiative efforts led by Empire State Development, the fund will be in place for the next eight years and will focus on helping small businesses and nonprofits, particularly those in low-income and historically underbanked communities and rural areas access flexible working capital to cover a wide range of expenses, from payroll and marketing to facility renovations. Additionally, free support services from experts will work with businesses throughout the life of the loan. Learn more here.