NYC has $8 million in zero-interest small business loans, up to $60,000 each, with high-vacancy neighborhoods at the front of the line
New York City has launched an $8 million zero-interest loan program for small businesses, prioritizing high-vacancy neighborhoods like Bushwick and supporting minority- and women-owned enterprises with up to $60,000 per business.
NYC has $8 million in zero-interest small business loans, up to $60,000 each, with high-vacancy neighborhoods at the front of the line
New York City has launched an $8 million zero-interest loan program for small businesses, prioritizing high-vacancy neighborhoods like Bushwick and supporting minority- and women-owned enterprises with up to $60,000 per business.
The NYC Comptroller’s Office and the Hebrew Free Loan Society announced on May 28 a partnership to make $8 million in zero-interest loans available to small businesses across all five boroughs, with individual loans of up to $60,000, according to the Comptroller’s Office press release.
The program is open to low- and moderate-income entrepreneurs and has no religion, race, ethnicity, or immigration status requirement. HFLS will prioritize businesses in neighborhoods with high storefront vacancy rates and in historically marginalized areas. Eligible owners can apply at HFLS.org/small-business.
The $8 million commitment is the largest single-year allocation the Hebrew Free Loan Society has ever dedicated to small business lending. HFLS, founded in 1892, is one of New York City’s oldest nonprofit lenders. It operates as a nonsectarian organization and focuses on supporting minority- and women-owned businesses, immigrant entrepreneurs, and community-based establishments.
