""Small businesses are the backbone of New York City's economy and the heart of our neighborhoods," Mamdani said, according to Patch."
""But many entrepreneurs - especially immigrant and working-class New Yorkers - have been locked out of the affordable capital they need to grow.""
""The relaunch allows business owners to apply for loans starting at $25,000, down from the previous minimum of $100,500.""
""The NYC Future Fund shows what the government can do when it listens to small businesses and acts on what it hears.""
The NYC Future Fund has been relaunched with an $80 million allocation to enhance access to financing for small businesses. The initiative aims to lower borrowing thresholds, reduce interest rates, and introduce flexible repayment options. Loans now start at $25,000, down from $100,500, with interest rates reduced from 9% to 7.5%. The minimum annual revenue requirement has also been lowered from $300,000 to $50,000, allowing more entrepreneurs, particularly from immigrant, minority, and women-owned backgrounds, to access necessary capital for growth.
Read at Black Enterprise
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