LMI Storefront Loan Program By NYCSBS

 
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The NYC Small Business Services is relaunching the LMI Store Front Loan program with expansion to include additional neighborhoods through Census Tracts. The purpose of the program is to help businesses in the low to moderate-income communities restart or continue operations impacted by the pandemic. Applications for the NYC LMI Storefront Loan will be open from 7/7/2021 to 8/17/2021. Read below to determine if you are eligible to apply.

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 the loan is approved)

Eligibility Requirement:

Businesses must:

  • Operate in one of these eligible LMI neighborhoods

  • 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.

Determine if your business is in an eligible LMI neighborhood:

The program criteria have been expanded to include a “phase 3”, which reaches additional LMI neighborhoods through Census Tracts. To see if your business is eligible, please follow these instructions.

Need assistance with the application?

CCL Tax & Accounting professionals are here to help with the prequalification and paperwork. Application fees apply. To learn more about our services, visit Accounting & Bookkeeping or contact us.

 
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