New York Empire State Development has Opened Applications for the New York Forward Loan Fund 2!

A summary of the loan’s highlights can be found below. 

Eligible businesses can find more information and start their applications here. 

FAQs for the program can be found here. 

Governor Hochul’s press release can be found here. 

Loan terms:

• Between 36 and 72 months
• Loans of up to $150,000
• No prepayment penalties
• No origination fees
• Fixed interest rates for the life of the loan — As of July 10, 2023, rates range from 9.25% to 12.25%, depending on length of the loan

Eligible businesses and nonprofits must have:

• Existing operations in New York State
• 100 or fewer full-time employees
• Less than $5 million in gross annual revenue
• Been in business for at least 1 year prior to application
• Demonstrated ability to repay loan through previous and projected revenues

How can loan money be spent?

• Equipment
• Payroll
• Utilities and rent
• Supplies
• Marketing and advertising
• Building renovations
• Other expenses

If you have any questions please contact Natalie Vichnevsky.