Updated program builds on 2025 pilot with lower loan minimums, reduced interest rates and more flexible repayment terms
Applications open now at: nyc.gov/futurefund
Today, Mayor Zohran Kwame Mamdani, Deputy Mayor for Economic Justice Julie Su and Department of Small Business Services (SBS) Commissioner Kenny Minaya announced the citywide launch of the revamped NYC Future Fund, a loan program designed to expand access to affordable financing for seasonal and growing small businesses. The program places a particular focus on better serving immigrant-, minority- and women-owned businesses that have long faced barriers to accessing capital.
“Small businesses are the backbone of New York City’s economy and the heart of our neighborhoods,” said Mayor Mamdani. “But many entrepreneurs – especially immigrant and working-class New Yorkers – have been locked out of the affordable capital they need to grow. Our revamped NYC Future Fund will change that. By lowering costs and expanding access, we are making sure small business owners across the five boroughs have the tools they need to grow and strengthen the communities they serve.”
The NYC Future Fund has been expanded to make financing more accessible to small businesses citywide. The Mamdani Administration strengthened the program by lowering borrowing costs, expanding eligibility to include businesses with lower operating revenue and making it easier for smaller businesses to access financing. Applications are available at nyc.gov/futurefund.
Based on feedback from the pilot, the NYC Future Fund now includes:
- Lower Minimum Loan Size: Minimum loan amounts have been reduced from $100,500 to $25,000.
- Reduced Interest Rate: Interest rates have been lowered from 9 percent to 7.5 percent.
- Flexible Repayment Terms: Monthly repayment rates have been reduced from a flat 9.5 percent of revenue to as low as 2 percent of monthly revenue, depending on loan size and business needs.
- Expanded Eligibility for Smaller Businesses: The minimum annual revenue required for eligibility has been lowered from $300,000 to $50,000.
The launch also includes a targeted five-borough outreach campaign focused on communities that have historically faced the greatest barriers to affordable financing.
“The NYC Future Fund shows what government can do when it listens to small businesses and acts on what it hears,” said Deputy Mayor for Economic Justice Julie Su. “These city-backed loans are designed to meet the real needs of businesses and expand fair access to the capital they need to grow.”
“The revamped NYC Future Fund is a major milestone in the city’s efforts to tear down the barriers to financing that too many small businesses have faced for too long,” said SBS Commissioner Kenny Minaya. “By offering more loan options, lower interest rates, and flexible repayment terms, the city – working alongside our CDFI partners – is expanding access to capital at a time when the affordability crisis is putting real strain on entrepreneurs. Through the leadership of Mayor Mamdani and Deputy Mayor Su, we are delivering a people-first economic justice agenda focused on making life easier for the small businesses that support our neighborhoods and the vibrant city we all live in and love.”
The NYC Future Fund is a public-private partnership between the City of New York and local Community Development Financial Institutions (CDFIs), including Community Reinvestment Fund, USA (CRF), Accompany Capital, Grow America and Pursuit, to support long-term growth for small business owners.
Mayor Mamdani and Commissioner Minaya also a
SBS piloted the program with philanthropic support that JPMorganChase provided to CRF, along with funding from TD Bank. The pilot delivered a combined $1.2 million to four small businesses.
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