Zohran Mamdani, Mayor of New York City, has announced the launch of an $80 million NYC Future Fund aimed at improving access to affordable loans for small businesses across the city, informed Mayor's office on Tuesday.
“Small businesses are the backbone of New York City's economy and the heart of our neighborhoods,” said 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." he added.
The fund is designed to support small and growing businesses, especially those that often face difficulty in accessing traditional financing. This includes businesses owned by immigrants, women and minority communities.
According to the Mayor's Office, the updated programme offers lower interest rates, simpler eligibility criteria and more flexible repayment options. The changes are aimed at making loans easier to access for businesses with limited financial history.
Under the new structure, businesses can apply for loans starting at $25,000, a significant reduction from earlier limits. The interest rate has been set at around 7.5 per cent, making it more affordable compared to many private lending options.
Repayment has also been made more flexible. Instead of fixed monthly payments, businesses will be able to repay loans based on a share of their monthly revenue. This is expected to reduce pressure on businesses during slower periods.
The eligibility criteria have been expanded to include businesses with annual revenue starting from $50,000. Earlier, higher revenue thresholds made it difficult for smaller enterprises to qualify.
City officials said the programme will be implemented in partnership with community lenders and financial institutions. These partners will help reach businesses across all five boroughs and ensure wider participation.
An outreach campaign will also be carried out to inform business owners about the fund and guide them through the application process.
The administration said small businesses play an important role in the city's economy and local communities. The new fund is aimed at providing steady financial support and helping businesses grow over time.
Applications for the NYC Future Fund are now open, and eligible businesses can begin applying through participating lenders.
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