The Interest Rate Reduction Grant will help reduce the interest expense owed on an existing loan with select Community Development Financial Institutions (CDFI). CDFIs focus on serving businesses who cannot easily access capital and creating opportunities that positively impact the communities they serve. SBS has partnered with 11 CDFIs who work primarily with Asian, Black, Latinx, and immigrant business owners.
The grant will free up cash flow for your business that can be repurposed to help restart or maintain operations. Businesses must have an existing loan with CDFIs listed below and should contact their CDFI to confirm if they are eligible to apply.
If you need additional help identifying and applying for funding for your business, visit nyc.gov/financingassistance.