New York Forward Loan Fund

The New York Forward Loan Fund is an economic recovery loan program launched by Governor Cuomo in May 2020 to support New York State small businesses, nonprofits, and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.

Terms and Conditions

  • Locations: Business and nonprofits located in New York State
  • Amount for Small Businesses: Up to $100,000 or up to 100% of average monthly revenues for any three-month period in 2019 or first quarter of 2020
  • Amount for nonprofits: Up to $100,000 or up to 100% of average monthly expenses for any three months in 2019 or first quarter 2020
  • Loan Structure: Term loan with interest-only period
  • Terms: 60 months
  • Interest Rate: 3% (2% for nonprofits)
  • Application Fee: None
  • Closing Fee: None


  • Credit: Must have a 600 FICO credit score (below 600 may be approved in certain circumstances)
  • Debt-Service Coverage Ratio: 1.20x
  • Collateral requirement: Must have gross revenues of less than $3 million per year
  • Repayment terms: First 12 months – monthly interest-only payments; Months 13-60 – monthly P&I payments
  • Business Requirements
    • Business can’t have received a Paycheck Protection Program (PPP) loan of greater than $50 million or an EIDL loan (except for EIDL Advance Grant of up to $10 million for small residential landlords)
    • Business must have suffered a direct economic hardship due to COVID-19 social distancing policies and stay-at-home orders that have materially affected operation
    • Business must have been in operation for at least one year
    • Business must have 20 or fewer employees