NYC LMI Storefront Loan

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“Applications for the NYC LMI Storefront Loan will be close on August 17, 2021, at 11:59 p.m. Please note that the eligibility criteria has changed;

Product Details: 

  • Loan amount: up to $100,000 
  • Loan term: 60 months, including no payments the first six months 
  • Interest rate: 0% 
  • Pre-payment penalty: none 
  • Closing fee: $300 (only if loan is approved) 

Who Can Apply? 

Businesses must: 

  • Operate in one of these eligible LMI neighborhoods
  • Employ between 2-99 employees in total across all locations 
  • Have been in operation since January 1, 2018, or before 
  • Be cash flow positive in 2019 and be able to demonstrate the ability to repay 
  • Have no personal or business tax liens or legal judgements within the past three years  
  • Provide a personal guarantee for the loan. All owners of 20% or more of the business must co-sign on the loan and must have an average personal credit score of 625 or higher. 

Determine if your business is in an eligible LMI neighborhood:

The program criteria has been expanded to include a “phase 3”, which reaches additional LMI neighborhoods through Census Tracts. To see if your business is eligible, please follow these instructions.

Application Process: 

  1. Determine if your business is eligible based on the above program guidelines. 
  2. If you are eligible to apply, you will need to upload an Application Authorization form for all owners who own 20% or more of your business. This form will give our partner lender, Pursuit, permission to pull your credit.  
  3. Once you finish part one of the application you will receive a confirmation email that includes a link to create an account in the application portal, Cirrus, where you will upload the documents needed to complete the application.
  4. Once all correct documents are uploaded, our partner lender, Pursuit, will pull your credit and notify you with next steps.  
  5. If you pass the credit criteria, Pursuit will notify you with next steps and the final loan decision.”  

Information by NYC business found here.