NYC Small Business Opportunity Fund

Low rates and small business support

If you’re a NYC-based business – a startup, growth-stage, or needing a boost after the pandemic – the NYC Small Business Opportunity Fund is a trusted, affordable way to invest in your business.

  • No minimum credit score required
  • Loans up to $250,000 at 4% fixed interest rate
  • Free business support
  • Easy to apply
  • No application fee
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Low rates and small business support

NYC Small Business Opportunity Fund

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If you’re a NYC-based business – a startup, growth-stage, or needing a boost after the pandemic – the NYC Small Business Opportunity Fund is a trusted, affordable way to invest in your business.

  • No minimum credit score required
  • Loans up to $250,000 at 4% fixed interest rate
  • Free business support
  • Easy to apply
  • No application fee

Unlock opportunity.

Grow, Hire, Build, and Thrive

The NYC Small Business Opportunity Fund delivers flexible, affordable capital and free business support services to small business owners and emerging entrepreneurs in New York City’s five boroughs.

The NYC Small Business Opportunity Fund serves all NYC-based small businesses, including:

  • Businesses located in low- and moderate-income (LMI) communities
  • Woman-owned businesses
  • BIPOC-owned businesses
  • Immigrant business owners
  • New start-ups or early-stage businesses with less than two years of revenue
  • Rebuilding and recovering businesses

There is no minimum credit score required but applicants must demonstrate ability to repay the loan.

This new program is perfect for:

Emerging and startup businesses seeking working capital

Growing businesses that need help paying for inventory, equipment, and more

Businesses rebuilding from the COVID-19 downturn that need help with:

  • Marketing to re-engage their customers
  • Technology to improve efficiencies

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Loan Terms & Eligibility

Loan Terms

Small Business Loan

Loan Amount

$2,000-$250,000

Loan size will be determined based on applicant’s ability to repay the loan

Borrowing Entity

For-profit small business with revenue less than $5M

Interest Rate

Fixed rate 4%

Fees

No application fee

Borrower paid third-party costs not to exceed $300 used for UCC filing, wire transfers (if not using ACH), DMV filing (if vehicle financing)

Repayment term

Maturity: 60 or 72 months Amortization:

  • Fully amortized over 60 months (for loans <= $100K);
  • Fully amortized over 72 months (for loans > $100K);

Interest-only for first six months on start-ups.

Use of proceeds

Startup, Business Acquisition, Transition Businesses, Refinancing, Equipment, Leasehold Improvements, Working Capital. No real estate (unless part of business acquisition.)

Prepayment

Borrowers may prepay the loan at any time without penalty.

Credit Requirements

There is no minimum credit score requirement, but applicants will need to provide documentation that they are able to repay the loan

Cost Analysis

Monthly Payment Estimate:

Your monthly loan payment depends on the size of your loan, and will be the same amount each month for 5 or 6 years*

Loan Amount$5,000$25,000$50,000$100,000$150,000
Monthly Payment$92$460$920$1,841$2,346

* Loans less than $100,000 will have a 5-year fixed term, while loans between $100,000 and $250,000 will have a 6-year fixed term. There is no prepayment penalty. You can estimate your monthly repayments based on the amount of loan you wish to take out here. Please note this calculator is only an estimate of your repayment, not a guarantee.

Partner Organizations

Local partners. Local solutions for small business.

The Fund was created specifically for NYC small business owners, developed and administered by local partners – including the NYC Department of Small Business Services (SBS), Goldman Sachs’ One Million Black Women, Mastercard Center for Inclusive Growth, local Community Development Financial Institutions (CDFIs – non-profit community-based financial institutions), and local small business centers that understand your community and customers.

Our collective goal? Energize, capitalize, and empower NYC small business owners to grow, hire, rebuild, and thrive.

The NYC Small Business Opportunity Fund is made possible through public-private partnerships with the following:

NYCSBS LogoCRF USA LogoGoldman Sachs One Million Black Women LogoMastercard Logo

Community Development Financial Institutions (CDFIs)

Accompany Capital LogoAscendus LogoBoc Capital LogoHarlem Entrepreneurial Fund LogoNDC LogoPursuit LogoRenaissance LogoTruFund Logo

FAQ

Frequently Asked Questions about the NYC Small Business Opportunity Fund

+What documents will I need when applying?
+What is the NYC Small Business Opportunity Fund?
+Who are the community lenders and support organizations behind the Fund?
+What kind of businesses are eligible?
+What if my credit isn’t perfect?
+How much money can I borrow?
+What is the interest rate?
+What small business support services can I receive?
+How do I apply?
+What types of businesses are ineligible for the Fund?
+How do I know my information is safe to submit through your website?
+Is there a minimum and maximum number of employees when it comes to loan eligibility?
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