Small business loan programs launch to help hurting local companies

Posted at 6:26 PM, May 28, 2020
and last updated 2020-05-28 18:26:39-04

NEW YORK — Small businesses play a big role in New York State's economy, but with non-essential companies still closed, many owners are looking for lifelines.

Applications recently opened for the New York Forward Loan Program. The fund will provide capital loans to businesses with 20 or fewer employees, nonprofits and small landlords. Gov. Andrew Cuomo said there was $100 million in funding, noting that much of it would go to businesses owned by minorities and women.

"Small businesses are taking a real beating in this situation," he said.

Thirty percent of the fund will be set aside for New York businesses.

Reese Scott, owner of Women’s World of Boxing in East Harlem, has always been a fighter. Her latest battle is making sure her doors will be able to open again.

"I haven’t received any aid from the government at all and not having the employees and being the only employee, it’s tough because a lot of us, we don’t pay ourselves," she said.

Scott knows some businesses owners who've given up.

There's also an initiative in Nassau County to help small businesses. Boost Nassau will offer $500,000 in loans to small businesses hurt by the pandemic as the county enters Phase 1 of reopening.

County Executive Laura Curran said she was happy when her economic development team put the plan in place.

"A lot of smaller, minority and women owned businesses, now they have the opportunity to borrow money at an excellent rate and get their businesses going again," Curran said.