Due to overwhelming interest and limited funds, we are no longer accepting applications for the NYC LMI Storefront Loan. To be notified of updates to this program, sign up here. If you are interested in more information about the US Small Business Administration’s Paycheck Protection Program (PPP), visit nyc.gov/ppp.
Who Can Apply?
Businesses must:
- Operate in one of these eligible ZIP codes
- Employ between 2-99 employees in total across all locations
- Have been in operation since January 1, 2018, or before
- Be cash flow positive in 2019 and be able to demonstrate the ability to repay
- Have no personal or business tax liens or legal judgements within the past three years
- Provide a personal guarantee for the loan. All owners of 20% or more of the business must co-sign on the loan and must have an average personal credit score of 625 or higher.
Application Process:
- Determine if your business is eligible based on the above program guidelines.
- If you are eligible to apply, you will need to upload an Application Authorization form for all owners who own 20% or more of your business. This form will give our partner lender, Pursuit, permission to pull your credit.
- Once you finish part one of the application you will receive a confirmation email.
- Our partner lender, Pursuit, will pull your credit and notify you of next steps.
- If you pass the credit eligibility check, you will receive a unique link to upload the documents needed to complete the application.
- Pursuit will notify you of the final loan decision.
NYC Business Solutions staff are available to help you with your application. Once you submit part one of the application, you will receive an email with the contact information for your local NYC Business Solutions Center.
Product Details:
- Loan amount: up to $100,000
- Loan term: 60 months, including no payments the first six months
- Interest rate: 0%
- Pre-payment penalty: none
- Closing fee: $300 (only if loan is approved)
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