New York Forward Loan Fund

 For Small Businesses | For Nonprofits | For Residential Landlords

Loan Terms - Small Business

The loan terms are as follows:

  • Loan Amount:
    • For small businesses: Lesser of (a) $100,000 or (b) up to 100% of average monthly revenues in a 3-month period prior to the COVID-19 outbreak. The 3-month period can be any 3-month period from 2019 or January to March 2020.
    • For Example:
      • October 2019 Revenues: $10,000
      • November 2019 Revenues: $15,000
      • December 2019 Revenues: $30,000
      • Average Revenues: $18,333
      • 3-months of Average Revenues: $55,000
      • Maximum loan size is $55,000
      • If the maximum loan size is greater than $100,000, the maximum loan size will be $100,000
  • Interest Rate:
    • For small businesses, the fixed annual interest rate will be 3%.
  • Repayment:
    • For months 1 – 12: Interest only payments, paid monthly. 
    • For months 13 – 60: interest and principal payments, paid monthly.
  • Term:
    • 5 years (60 months).
  • Proceeds:
    • 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.
  • Borrower Fees:
    • No application fees.  Late fee will be assessed for missed payments.
  • Recourse:
    • No collateral is required.
  • Prepayment:
    • Borrower may prepay the loan without penalty.

Loan Terms – Nonprofits

The loan terms are as follows:

  • Loan Amount:
    • For nonprofits, lesser of (a) $100,000 or (b) up to 100% of average monthly expenses for a 3-month period prior to the COVID-19 outbreak. The 3-month period can be any 3-month period from 2019 or January to March 2020.
    • For example:
      • October 2019 Expenses: $8,000
      • November 2019 Expenses: $15,000
      • December 2019 Expenses: $10,000
      • Average Monthly Expenses: $11,000
      • 3-months of Average Expenses: $33,000
      • Maximum Loan Size is $33,000
      • If the maximum loan size is greater than $100,000, the maximum loan size will be $100,000
  • Interest Rate:
    • For nonprofits, the fixed annual interest rate will be 2%.
  • Repayment:
    • For months 1 – 12: Interest only payments, paid monthly. 
    • For months 13 – 60: interest and principal payments, paid monthly.
  • Term:
    • 5 years (60 months).
  • Proceeds:
    • 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.
  • Borrower Fees:
    • No application fees.  Late fee will be assessed for missed payments.
  • Recourse:
    • No collateral is required.
  • Prepayment:
    • Borrower may prepay the loan without penalty.

Loan Terms – Residential Landlords

The loan terms are as follows:

  • Loan Amount:
    • For residential landlords, 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.
    • For example:
      • Actual reduction in net operating income for April 2020: $20,000
      • 3-months of reduction in net operating income: $60,000
      • Maximum loan size of $60,000
      • If the maximum loan size is greater than $100,000, the maximum loan size will be $100,000
  • Interest Rate:
    • For residential landlords, the fixed annual interest rate will be 3%.
  • Repayment:
    • For months 1 – 12: Interest only payments, paid monthly. 
    • For months 13 – 60: interest and principal payments, paid monthly.
  • Term:
    • 5 years (60 months).
  • Proceeds:
    • Proceeds are required to be used for working capital, 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.
  • Borrower Fees:
    • No application fees.  Late fee will be assessed for missed payments.
  • Recourse:
    • No collateral is required.
  • Prepayment:
    • Borrower may prepay the loan without penalty.