“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;
- 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?
- 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.
- Determine if your business is eligible based on the above program guidelines.
- 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.
- 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.
- Once all correct documents are uploaded, our partner lender, Pursuit, will pull your credit and notify you with next steps.
- If you pass the credit criteria, Pursuit will notify you with next steps and the final loan decision.”
Information by NYC business found here.