Multiple Recovery Finance Programs Available to Small Businesses & Not-For-Profits

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New York Forward Loan Fund

The New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.

NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small landlords that have seen a loss of rental income.

NYFLF is providing working capital loans so that small businesses, nonprofits and small landlords have access to credit as they reopen. These loans are available to small businesses, nonprofits, and small landlords that did not receive a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020.  The loans are not forgivable in part or whole.  The loans will need to be paid back over a 5-year term with interest.

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Pursuit PPP Loans

Pursuit (Formerly the NYS Business Development Corp.) is administering additional Paycheck Protection Program (PPP) loans funded by the NYS Common Retirement Fund administered by the comptroller’s office. With its focus on small‐business lending, Pursuit can frequently offer more favorable terms than other lenders.

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Central Hudson Back to Business Grants

Central Hudson has created a $1,000,000 fund to provide businesses with grants up to $10,000 under its Back to Business funding program.

To qualify, the business must have up to 20 employees, be a Central Hudson account in good standing, and currently operating or planning to reopen when the state of emergency is lifted. The grant is available for new loans only, and loan decisions will be made at the discretion of the bank. Central Hudson funding will be provided on a first-come, first-serve basis.

Participating banks for Central Hudson’s Back to Business funding program are:

  • Rhinebeck Bank
  • Ulster Savings Bank
  • Walden Savings Bank
  • Wallkill Valley Federal Savings and Loan
  • Bank of Greene County
  • Bank of Millbrook
  • Sawyer Savings Bank
  • Rondout Savings Bank
  • Orange Bank and Trust

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