August 02, 2021

NYC LMI Storefront Loan

Applications for the NYC LMI Storefront Loan have reopened! In addition to the businesses that were eligible in Phases One and Two, earlier this year, the program is now open to additional LMI businesses through census tracts. What does that mean in Evergreen’s service area? Businesses in the following zip codes continue to be eligible: 11205, 11206, 11211,11237, and 11221, and eligibility has expanded to include a few (but not all!) census tracts in the 11222 and 11249 zip codes. To see if your business location is eligible, follow the instructions here.

The loan product details are as follows:

  • Loan amount: up to $100,000
  • Loan term: 60 months, including no payments the first six months
  • Interest rate: 0%
  • Pre-payment penalty: none
  • Closing fee: $300 (only if loan is approved)
The program is intended to help storefront businesses but all location types and industries could be eligible to apply. This includes industrial and manufacturing businesses but again, the business must be located in one of the LMI locations identified here to be eligible.

Additional eligibility criteria include that a business must:

  • Operate in one of these  eligible LMI neighborhoods
  • Employ between 2-99 employees in total across all locations
  • Have been in operation since January 1, 2018, or before
  • Be cash flow positive in 2019 and be able to demonstrate the ability to repay
  • Have no personal or business tax liens or legal judgments within the past three years
  • Provide a personal guarantee for the loan.  All owners of 20% or more of the business must co-sign on the loan and must have an average personal credit score of 625 or higher.

Further details and link to start your application can be found here.

If you have any questions please contact Natalie Vichnevsky.