For more information, please visit esd.ny.gov
What is the New York Forward Loan Fund?
• New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting
New York State small businesses, nonprofits and small residential landlords as they reopen as a result of
the COVID-19 outbreak and NYS on PAUSE. These loans are available to small businesses, and
nonprofits that did not receive a U.S. Small Business Administration Paycheck Protection Program of
greater than $500,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of any amount, except for
EIDL advance grant of up to $10,000., and small residential landlords.
Who is funding the New York Forward Loan Fund?
• New York Forward Loan Fund is a partnership led by the State of New York with funding and support from
Apple Bank, BNB Bank, Evans Bank, M&T Bank, Morgan Stanley, Wells Fargo, BlackRock Charitable
Fund, Citi Foundation, Ford Foundation and the Ralph C. Wilson, Jr. Foundation.
• Additional support is being provided by Local Initiatives Support Corporation (LISC) Fund Management, the
Community Reinvestment Fund, USA, and Calvert Impact Capital.
• Loans will be made available through five local Community Development Financial Institutions (CDFI)
lenders — Ascendus (formerly Accion East), Community Preservation Corporation (for small residential
landlords), National Development Council, Pursuit and TruFund Financial Services.
When does the New York Forward Loan Fund Open?
• The pre-application portal is open now at www.nyloanfund.com.
How much funding is available?
• There is an initial funding of over $100 million, with 5% reserved for nonprofit organizations, 30% reserved
for small landlords and 65% reserved for small businesses.
What kinds of businesses does the New York Forward Loan Fund help?
• The fund is aimed at helping small businesses, nonprofits and small landlords in the State of New York,
targeting businesses and nonprofits across every county and region of the state and nearly all industries.
• Small Businesses: To qualify, small businesses must employ 50 or fewer full-time equivalent (FTE)
employees, have realized gross revenues of less than $5 million per year and have suffered a direct
economic hardship as a result of COVID-19 related social distancing policies and stay-at-home order that
have materially impacted their operations.
• Nonprofits: To qualify, nonprofits must employ 50 or fewer full-time equivalent (FTE) employees, be a
501(c)(3) or faith-based organization providing direct services, have an annual operating budget of less
than $5 million per year and have suffered a direct economic hardship as a result of COVID-19 related
social distancing policies and stay-at-home order that have materially impacted their operations.
• Small Residential Landlords: Access to loans for small residential landlords will be targeted to owners
with residential buildings of 50 units or less, and will prioritize loans for residential landlords whose
properties are in low- and moderate-income census tracts or who serve low to moderate income tenants
NEW YORK FORWARD
LOAN FUND
Frequently Asked Questions – updated 1/19/2021
For more information, please visit esd.ny.gov
What are direct services?
• Direct services are a program or activity that works directly with an intended population. The term is used
to distinguish such programs from those that seek to change conditions through advocacy or public
education.
• Examples include but are not limited to daycare services, legal aid, food banks, soup kitchens, after school
programs, senior services, educational programs, and clothing banks.
How do I know if my Industry/County/Region is eligible to reopen?
• Up-to-date information can be found at https://forward.ny.gov/
Where can I go to apply for the New York Forward Loan Fund?
• Please submit pre-applications at nyloanfund.com.
What happens after I complete the online pre-application?
• After you have completed and submitted the online pre-application and are deemed eligible, you will be
matched with a participating CDFI lender that will review your request and contact you to start the full loan
application.
What if I need help completing my small business loan application?
• There are many free resources, including Entrepreneurship Assistance Centers (EACs) and Small
Business Development Centers (SBDCs). For more information click here
Who from my business needs to complete the loan application?
• The online pre-application should be completed and submitted by the owner of the business with the
largest ownership interest. Any owner with more than 20% ownership will also be required to attest to the
information provided.
Who from my nonprofit needs to complete the loan application?
• The online pre-application should be completed and submitted by a member of the nonprofit’s executive
team.
How soon can I get my money once my loan is approved?
• The New York Forward Loan Fund knows that your funding needs are urgent. All applications are
assessed on a case-by-case basis, with a target of 2-3 weeks from loan application to closing. To
accelerate processing of your loan, please prepare the information required in advance.
• Small Business and Nonprofits: For help with the loan application and additional resources available to
entrepreneurs please click.
• Small Landlords: Please visit HCR’s website.
NEW YORK FORWARD LOAN FUND – Frequently Asked Questions
For more information, please visit esd.ny.gov
How much money can I borrow?
• Small Businesses: Small businesses can apply for a loan in the amount of the lesser of (a) $100,000 or
(b) up to 100% of average monthly revenues in any 3-month period from 2019 or first quarter of 2020.
• Nonprofits: Nonprofits can apply for a loan in the amount of the lesser of (a) $100,000 or (b) up to 100%
of average monthly expenses in any 3-month from 2019 or first quarter of 2020.
• Small Residential Landlords: Small Residential Landlords can apply for a loan in the amount the lesser
of (a) $100,000 or (b) projected reduction in 6-months’ net operating income based on actual reductions in
net operating income for the month of April or May 2020.
What are the terms of your loans?
• The New York Forward Loan Fund provides affordable loans up to $100,000 payable over 5 years with
interest only payments for the first 12 months.
• The borrower may repay the loan early without a prepayment penalty.
• The interest rate for small businesses and small residential landlords is 3% and for nonprofits it is 2%.
What are the interest rates?
• The fixed annual interest rate on the loan will be 3% for small businesses and small residential landlords or
2% for nonprofits.
What can I use my loan for?
• Proceeds are required to be used for working capital, inventory, marketing, refitting for new social
distancing guidelines, operating and emergency maintenance, property taxes, utilities, rent, supplies, etc.
• Refinancing of an existing loan is not permitted.
• The loan applicant will be required to detail anticipated use of funds when they apply
What will my monthly payments look like?
• Your monthly payments will vary based upon the amount of money you borrow.
Example $100,000 Loan Required Monthly Payments
Time
Monthly Payment @ 3%
Monthly Payment @ 2%
Notes
First 12 Months
$250.00
$166.67
Interest Only
13 - 60 Months
$2,213.43
$2,169.51
Principal and Interest
Example $50,000 Loan Required Monthly Payments
Time
Monthly Payment @ 3%
Monthly Payment @ 2%
Notes
First 12 Months
$125.00
$83.33
Interest Only
13 - 60 months
$1,106.72
$1,084.76
Principal and Interest
Example $20,000 Loan Required Monthly Payments
Time
Monthly Payment @ 3%
Monthly Payment @ 2%
Notes
First 12 Months
$50.00
$33.33
Interest Only
13 - 60 months
$442.69
$433.90
Principal and Interest
* Interest will be simple; Principal and interest monthly payments required based on a
straight-line amortization assuming full repayment at 60 months. Calculations for illustrative purposes only.
NEW YORK FORWARD LOAN FUND – Frequently Asked Questions
For more information, please visit esd.ny.gov
What steps are you taking to help ensure this money is getting to businesses that
need it the most?
• The New York Forward Loan Fund is specifically targeted at small businesses and organizations that were
not able to receive a loan greater than $500,000 from the U.S. Small Business Administration (SBA)
Paycheck Protection Program (PPP) or an SBA Economic Injury Disaster Loan (EIDL) for COVID-19 of
greater than $150,000 —with a focus on organizations that are typically underserved, underbanked or
otherwise have difficulty accessing capital.
What are the small business eligibility requirements for a loan from the New York
Forward Loan Fund?
• Eligible businesses must be a corporation, partnership, limited liability corporation, or sole proprietorship.
Each business can only apply for one loan. They must also:
o Employ 50 or fewer full-time equivalent (FTE) employees;
o Have gross revenues of less than $5 million per year;
o Must not have received a U.S. Small Business Administration Paycheck Protection Program of
greater than $500,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of any amount,
except for EIDL advance grant of up to $10,000;
o Have suffered a direct economic hardship as a result of COVID-19 related social distancing policies
and stay-at-home order that have materially impacts their operations;
o Been in business for at least 1 year as of the date of the application; and
o Be located in the State of New York.
What are the nonprofit eligibility requirements for a loan from the New York
Forward Loan Fund?
• Nonprofit must meet the following requirements:
o Organized as 501(c)(3) or faith-based organization (cannot be for support of religious worship or
activities);
o Employ 50 or fewer full-time equivalent (FTE) employees for nonprofit;
o Provide direct services to New Yorkers for example daycare services, legal aid, food banks, soup
kitchens, after school programs, senior services, educational programs, clothing banks;
o Have an annual operating budget of less than $5 million per year;
o Must not have received a U.S. Small Business Administration Paycheck Protection Program of
greater than $500,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of any amount,
except for EIDL advance grant of up to $10,000;
o Have suffered a direct economic hardship as a result of COVID-19 related social distancing policies
and stay-at-home order that have materially impacted their operations;
o Been in operation for at least 1 year as of the date of loan application; and are
o Located in the State of New York.
NEW YORK FORWARD LOAN FUND – Frequently Asked Questions
For more information, please visit esd.ny.gov
Is everyone credit eligible? Who makes credit decisions?
• Participating lenders are responsible for making their own credit decisions. Due to a limited amount of
funding and the high volume of requests expected, your business type, geography and industry may factor
into your ability to receive a loan.
What are the property eligibility requirements for small residential landlords
seeking loans?
• Small residential landlords must meet the following requirements:
o Have no more than 200 units under ownership, and no single property greater than 50 units;
o Properties must either be located in a low or moderate income (LMI) census tract or meet a rent test
where property rents are affordable to tenants of low and moderate incomes;
o Properties must have positive cash flow for a 12-month period prior to NY Forward loan request;
o Properties must have an active forbearance agreement for their mortgage or proof that they have not
missed a monthly debt service payment in the last 12 months, and/or no active mortgage;
o Properties must be current on their property taxes through March 2020;
o Property owners must attest that they will not evict COVID-impacted non-paying tenants;
o Properties must be in good physical condition and be free of violations;
o Have suffered a direct economic hardship as a result of COVID-19 related social distancing policies
and stay-at-home order that have materially impacted their operations;
o Been in business for at least 1 year as of the date of loan application; and are
o Located in the State of New York.
Does my business need to be based in New York?
• Yes. The main office or headquarters for your business must be in New York State to qualify.
• The loans must be used to support only New York State operations.
What information is required by a small business for a loan from the New York
Forward Loan Fund?
• As part of the application, the loan applicant must provide the following documentation:
o Most recently filed tax returns, if available and required by the lender; if not available, internally
generated financial statements or other documentation used to determine cash flows;
o Schedule of ownership (name, address, Social Security number, phone number, email, percentage
ownership, photo ID for any owners with more than 20% ownership);
o Executed Attestation Form (to be provided by lender);
o Brief description of COVID-19 impacts on jobs and revenues;
o Evidence of legal formation of business entity (Articles of Incorporations and/or Bylaws); and
o Personal Credit Report (if applicable).
• A participating lender will reach out to the loan applicant to collect the required documentation, conduct any
credit checks, and finalize the application review process.
NEW YORK FORWARD LOAN FUND – Frequently Asked Questions
For more information, please visit esd.ny.gov
What information is required by a nonprofit for a loan from the New York Forward
Loan Fund?
• As part of the application, the loan applicant must provide the following documentation:
o Most recent audited or reviewed financial statements, as applicable, and most recent internal financial
statements, if available;
o Most recently filed IRS Form 990;
o Proof of IRS nonprofit status;
o Evidence of legal formation of nonprofit entity (Articles of Incorporations and/or Bylaws);
o Executed Attestation Form (to be provided by lender);
o Information of the nonprofit’s executive team member signing (name, address, Social Security number,
phone number, email, photo ID);
o Brief description of COVID-19 impacts on jobs and revenues; and
o Nonprofit board approval and resolution.
• A participating lender will reach out to the loan applicant to collect the required documentation, conduct any
credit checks, and finalize the application review process.
What information is required by a small residential landlord for a loan from the
New York Forward Loan Fund?
• As part of the application, the loan applicant must provide the following documentation:
o Most recently filed tax returns, if available and required by the lender;
o 2019 Income and Expense statement;
o Property Rent Roll showing economic impact;
o Schedule of ownership (name, address, Social Security number, phone number, email, percentage
ownership, photo ID for any owners with more than 20% ownership);
o Executed Attestation Form (to be provided by lender);
o Hardship Letter specifying COVID-19 impacts on jobs and revenues;
o Forbearance Disclosure Statement;
o Evidence of legal formation of business entity (Articles of Incorporations and/or Bylaws); and
o Personal Credit Report (if applicable).
• A participating lender will reach out to the loan applicant to collect the required documentation, conduct any
credit checks, and finalize the application review process.
What types of businesses are not eligible for a loan?
• The following businesses are not currently eligible for a loan from the Fund: corporate-owned franchises,
not-for-profit social clubs, branch banks, pay day loan stores, pawn shops, astrology, palm reading, liquor
stores, night clubs, adult bookstores, massage parlors, strip clubs, track wagering facilities, trailer-storage
yards, and marijuana dispensaries.
Do I need collateral for a New York Forward Loan Fund loan?
• No specific collateral is required to be eligible (e.g., you do not need to have access to any specific real
estate or equipment). Please note that this program requires a blanket first or second lien on business
assets will be filed by the community lender and any owners with more than 20% ownership must sign a
personal guarantee.
NEW YORK FORWARD LOAN FUND – Frequently Asked Questions
For more information, please visit esd.ny.gov
How do I know my information is safe to submit through your website?
• The online loan process is highly secure. The NYFLF platform goes above and beyond to protect your
sensitive information. The platform uses TDE (Transparent Data Encryption) in SQL (Structured Query
Language), which means the data is encrypted at rest. It also encrypts the data between the app server
and the database and uses TLS (Transport Layer Security), which protects communications on the
internet, for form submissions. You can also be assured that none of your information will be sold.
What if I don’t speak English? What languages are supported?
• The online pre-application form on this site can be completed in English, Spanish, French, Russian,
Chinese and Korean. CDFI partners may offer in-house support in English and Spanish. The State is
working with community leaders on identifying additional language resources. If you need help with
completing the form in a language other than English or Spanish, please contact an Entrepreneurship
Assistance Center. See the Resources page for more information.
How do I apply?
• To get started, please click here.
How do I contact the New York Forward Loan Fund team?
• To contact the team please click here and under Topic Select “Business loan assistance”.
Who are the participating lenders?
• Small Businesses: Ascendus (formerly Accion East), National Development Council, Pursuit and TruFund
Financial Services are accepting pre-applications for small businesses. Please click here;
• Nonprofits: National Development Council and TruFund Financial Services are accepting pre-applications
for nonprofits. Please click here; and
• Small Residential Landlords: Community Preservation Corporation is accepting pre-applications for small
landlords. Please click here.
Are there any application fees for New York Forward Loan Fund?
• There are no applications fees for the program.
If I own more than one small business, can I apply for a loan for each of my
businesses?
• If each business is a separate entity, has a separate tax ID and employs 50 or fewer full-time equivalent
(FTE) employees, then you can apply for each of the businesses.
NEW YORK FORWARD LOAN FUND – Frequently Asked Questions
For more information, please visit esd.ny.gov
If I am a small residential landlord of units and also a small business owner, can I
apply for the two separate NYFLF programs?
• Yes. If each business is a separate entity, has a separate tax ID, and meets the respective requirements
for each type of loan.
If my application is rejected by the CDFI that I choose on the online portal, and
the match list had yielded other lenders as well, can I apply to another CDFI for a
second look?
• No. The approval criterion between lenders is essentially identical. A declined application from one lender
can be considered a decline from all lenders in the program. We ask that you do not reapply as the
outcome will be the same and it will slow the process for other potential borrowers.
Can I simultaneously apply to more than one CDFI for the program?
• No. Due to the high demand, it will be difficult to process several loan applications for the same business
as the same time and it may cause a delay in processing your application.
Can I use proceeds to refinance other loans that are not from CDFIs?
• No, these loans are for working capital to reopen the business. These cannot be used to refinance or pay
off any other loan.
Is the New York Forward Loan forgivable?
• No, this is not a forgivable loan. The borrower will need to pay back the loan with interest over a 5 year
term.
What happens if I miss a payment on the loan?
• If you miss a payment on your loan, you will be assessed a late fee by the participating CDFI lender per
their respective policies.
NEW YORK FORWARD LOAN FUND – Frequently Asked Questions
