City Launches Small Business Supports for Hard-Hit
Low and Moderate Income (LMI) Communities
NYC LMI Storefront Loan
The NYC LMI Storefront Loan is an interest-free loan up to $100,000 to help storefront businesses located in low-to-moderate income (LMI) areas of New York City (including the Lower East Side) restart or continue operations after experiencing challenges from COVID-19. The NYC Department of Small Business Services is partnering with Pursuit to service these loans. Storefront businesses with at least two but fewer than 100 employees who are located in LMI neighborhoods will be eligible to apply for a zero-interest loan up to $100K. The loan can be used to help businesses restart or continue operations after experiencing challenges from COVID-19.
Businesses who would like to apply for the loan must:
- Operate in one of these eligible ZIP codes, including 10002;
- 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 judgements 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.
