NYC’s ‘Opportunity Fund’ to supply pandemic relief to small businesses

NYC Mayor’s Office | Flickr New York City launched applications for small businesses to receive pandemic relief funding through a new loan program called the “NYC Small Business Opportunity Fund” on Jan. 23. Through the city’s Department of Small Business Services, $75 million will be distributed to approximately 1,500 local businesses in the five boroughs.The Small Business Opportunity Fund is a part of a public-private partnership between Goldman Sachs Group Inc. and Mastercard Inc. Additionally, eight different community development financial institutions are also a part of the partnership, according to Small Business Services Commissioner Kevin Kim in a news conference .Small businesses may apply for loans up to $250,000 at a market-leading rate of 4%. Businesses must make a revenue of less than $5 million and will be allowed to use the loan to refinance higher-interest debts. New York City Mayor Eric Adams said the financial help arrives at a time when the city’s recovery from the COVID-19 pandemic is reaching a crucial point in time. He added that the loan fund is the city’s way of “giving back” to the small businesses that kept the city going. “Our efforts to cut red tape and jumpstart our recovery are […]

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