NYC small businesses could get zero-interest loans up to $60K under new program | amNewYork

The Hebrew Free Loan Society will provide $8 million in interest-free loans to low- and moderate-income entrepreneurs across all five boroughs. Loans up to $60,000 are intended to help businesses launch, stay open, or expand without high-interest debt. The program targets owners who may struggle to secure traditional financing, including entrepreneurs without significant personal wealth, collateral, or long banking relationships. Priority will go to businesses in neighborhoods with high storefront vacancy rates and in historically marginalized communities. HFLS expects to support about 200 businesses, with an average loan of about $40,000. The program is funded and administered by HFLS, with no city funding involved. HFLS is nonsectarian and borrowers do not need to be Jewish.

"The city's financial watchdog said on Wednesday that the Hebrew Free Loan Society (HFLS) will make $8 million available to low- and moderate-income entrepreneurs across the five boroughs, with the goal of helping businesses launch, stay open, or expand without taking on high-interest debt. The loans are intended for small business owners who may have difficulty securing traditional financing, including entrepreneurs without significant personal wealth, collateral, or longstanding banking relationships, according to Levine, who noted that the program is funded and administered by HFLS, with no city funding involved."

"The program will prioritize businesses in neighborhoods with high storefront vacancy rates and in historically marginalized communities. HFLS expects to support about 200 small businesses, depending on final loan amounts. The average loan is expected to be about $40,000, officials said. Since my days leading a credit union in Washington Heights, I've seen the power and lasting economic and social impact that providing access to capital can have on a business and a community, said Levine."

"The Hebrew Free Loan Society, founded in 1892, provides interest-free loans to New Yorkers seeking access to affordable capital. The organization is nonsectarian, and borrowers do not have to be Jewish to receive a loan. HFLS officials said the $8 million commitment is the largest amount the organization has dedicated to small business lending in a single year. We know how hard it can be for lower-income entrepreneurs to find capit"

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