NYC Small Business Opportunity Fund from Department of Small Business Services

SoHo Broadway Partner: Fund delivers flexible, affordable capital and free business support services to small business owners

New York City Mayor Eric Adams and New York City Department of Small Business Services (SBS) Commissioner Kevin D. Kim announced on January 23, 2023 the groundbreaking creation of the $75 million NYC Small Business Opportunity Fund, the largest public-private loan fund directed at small businesses in the city’s history.

The Opportunity Fund is made possible through a historic partnership between the City of New York and Goldman Sachs, Mastercard Center for Inclusive Growth, Community Reinvestment Fund (CRF), and local community development financial institutions (CDFIs), and fulfills a key commitment in Mayor Adams’ “Rebuild, Renew, Reinvent: A Blueprint for New York City’s Economic Recovery.”

The new Opportunity Fund will support a more inclusive and diverse economy by enabling business owners to:

• No minimum credit score required
• Loans up to $250,000 at 4% fixed interest rate
• Free business support
• Pay only interest for the first six months for start-up businesses, regardless of loan size
• Use the loan to refinance existing high-interest debt, expand their customer base, hire new employees
• Easy to apply
• No application fee

The NYC Small Business Opportunity Fund serves all NYC-based small businesses, including:

• Businesses located in low- and moderate-income (LMI) communities
• Woman-owned businesses
• BIPOC-owned businesses
• Immigrant business owners
• New start-ups or early-stage businesses with less than two years of revenue
• Rebuilding and recovering businesses

There is no minimum credit score required but applicants must demonstrate ability to repay the loan.

Learn more about this funding opportunity and apply!: NYC Small Business Opportunity Fund