New York State has launched a $100 million ahead loan fund that may help small companies that had been impacted by the novel coronavirus (COVID-19) pandemic.
New York Gov. Andrew Cuomo introduced the launch of the New York Ahead loan Fund, which can “provide flexible and affordable loans to help small businesses.”
Cuomo stated that the loans will give attention to minority and women-owned small companies that didn’t obtain federal COVID-19 help.
“The economic projections are actually frightening … more than 100,000 businesses have shut down permanently since the pandemic hit,” he stated. “We’re making more than $100 million available to make loans to small businesses focusing on MWBEs that didn’t receive any federal funding.”
Cuomo famous that small companies symbolize greater than 90 p.c of New York companies, they usually at present are dealing with the hardest obstacles as they appear to get better.
The state might be taking a “smart targeted approach” to distributing the loans, specializing in companies with 20 or fewer workers and fewer than $three million in gross revenues.
“Small companies are the engine of the New York financial system, however they’re now dealing with a number of the hardest challenges on this pandemic,” Cuomo stated. “Serving to our small companies is a prime precedence, and we’re beginning the New York Ahead loan Fund and making greater than $100 million accessible to offer loans to small companies which have confronted even larger dangers and acquired much less in federal reduction all through this pandemic.”
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