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NY launches fund to assist small businesses

WHECTV
Updated: May 22, 2020 12:15 PM
Created: May 22, 2020 11:24 AM

ALBANY, N.Y. (WHEC) — The state is launching the "New York Forward Loan Fund," which makes more than $100 million available to small businesses, according to Gov. Andrew Cuomo.

The fund will provide flexible and affordable loans to help small businesses, focusing on MWBEs, that did not receive federal COVID-19 assistance, according to the governor's Friday announcement.

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Cuomo said that small businesses are the engine of our economy, currently representing over 90% of New York businesses.

The state will take a targeted approach and focus on distributing the loans to businesses that have 20 or fewer employees and less than $3 million in gross revenue.


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