Working Capital Programs​​

• New York Forward Loan Fund (NYFLF)

  • NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees, nonprofits and small residential landlords that have seen a loss of rental income.

  • NYFLF is providing working capital loans so that small businesses, nonprofits and small landlords have access to credit as they reopen.

  • These loans are available to small businesses, and nonprofits that did not receive a U.S. Small Business Administration Paycheck Protection Program of greater than $50,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of any amount, except for EIDL advance grant of up to $10,000, and small residential landlords.

  • The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest.

  • Learn more and complete a pre-application online HERE.

• Central Hudson’s Back to Business funding program

  • Central Hudson has committed up to $1 million in economic development support to provide local small businesses with grants to help pay down new working capital loans taken with participating local banks.​

• U.S. Small Business Administration (SBA) Coronavirus Relief Options​​

  • Paycheck Protection Program (PPP)

    • The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

    • SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

    • PPP will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. See the SBA announcement here.

    • An overview for organizations that have not yet received a PPP loan and are looking to apply can be found here.

    • An overview for second draw PPP can be found HERE.

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• Economic Injury Disaster Loan (EIDL)

  • This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.

  • Funds can be used for working capital and normal operating expenses.

  • SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.

  • More details on eligibility and terms can be found HERE.

• SBA Express Bridge Loans

  • Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

  • Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

  • These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.