Mayor Eric Adams and the New York City Department of Small Business Services (SBS) announced the historic $75 million Opportunity Fund on January 23, but it has since been put on hold due to an overwhelming response from more than 10,000 struggling business owners throughout all five boroughs. WikiMedia Creative Commons Since it allowed small business owners to apply for loans ranging from $2,000 to $250,000 while paying a below-market fixed interest rate of 4% — regardless of the loan amount — Mayor Eric Adams dubbed the fund "groundbreaking" at its introduction. The program was designed to provide exceptional resources at a pivotal juncture in the city’s economic recovery. "Small companies helped us survive the pandemic and are driving our nation’s economic resurgence. When the fund was first introduced," Adams declared, "Today, we are giving back". Adams’ Blue Print For Economic Recovery The Opportunity Fund was one of Adams’ "Blueprint for Economic Recovery" and "Small Business Forward" initiatives, which identified over 100 reforms to reduce pandemic-related fines, lengthen cure periods, and eliminate violations for small business owners. It was made possible through a partnership between NYC and Goldman Sachs, Mastercard Center for Inclusive Growth, Community Reinvestment Fund (CRF), and […]
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