Nnennaya Onyejuruwa, Ashione Gallery, New York, NY >
New York Forward Loan Fund (NYFLF)
Governor Cuomo announced the launch of the New York Forward Loan Fund (NYFLF), a $100 million dollar program designed to support small businesses in New York State that have not received disaster relief funds such as the Paycheck Protection Program (PPP) above $500,000 or an SBA Economic Injury Disaster Relief Loan (EIDL) above $150,000. Ascendus is proud to be one of five lenders chosen by the State of New York to offer this program.
requirements for the New York Forward Loan Fund (NYFLF)*:
- Interest rate: 3% for-profit businesses with no application or closing fees;
- Interest only payments for first 12 months, 60 month term total; and
- Cannot be used to refinance existing debt.
before submitting your pre-application, it is important to consider the following requirements:
- You have not received a Paycheck Protection Program (PPP) above $500,000 or SBA Economic Injury of any amount.
- Disaster Relief Loan (EIDL) loan above $150,000;
- You have less than 50 employees; and
- You do not have a NYFLF loan from another lender.
If you believe that you qualify for the NYFLF, the first step is to complete your pre-application online as soon as possible to get in the queue. We hope you choose Ascendus as your lending partner! You will then be invited by your matched lender to complete the application.
Given the phased approach of reopening New York State, this may take several weeks or longer depending on your geography, industry, and overall loan volume.
*The NYFLF terms and conditions are the same across all lenders.
It’s great that our business can be a platform for people to be supportive and connect with each other.
The experience of working with Ascendus was awesome, particularly the excitement they showed in my progress and in my business.
I’ve had customers for 15 years, since I started out of my home. People keep coming back and many have become my good friends. I come to the store always happy.
