The article emphasizes the importance of small businesses in Manhattan as vital community elements and economic contributors. It highlights the challenges these businesses face in securing affordable financing. To address this, the Borough President, in collaboration with the Hebrew Free Loan Society, introduced the Small Business Booster Loan Program, a zero-interest loan initiative for lower- to middle-income business owners. This program aims to provide crucial support to entrepreneurs, allowing them to access funds without the burden of high-interest loans, and has already positively impacted many businesses in the area.
The Small Business Booster Loan Program is a zero-interest loan fund designed to meet small business owners where they are.
We similarly wanted to create a lifeline for entrepreneurs who might not qualify for traditional financing and shouldn’t have to turn to high-interest credit cards or predatory online lenders just to keep their lights on.
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