Due to the high level of interest, the NYC Small Business Opportunity Fund has temporarily paused intake of new applications while our lending partners assess completed applications.
If you have not completed an application, please fill out this inquiry form to be notified if the Fund reopens and for further information on free services available to all New York City businesses. Businesses that have already applied will receive an email from a partner lender with next steps.
To be connected with other free financing resources from the NYC Department of Small Business Services, visit nyc.gov/financingassistance.
Due to the high level of interest, the NYC Small Business Opportunity Fund has temporarily paused intake of new applications while our lending partners assess completed applications.
If you have not completed an application, please fill out this inquiry form to be notified if the Fund reopens and for further information on free services available to all New York City businesses. Businesses that have already applied will receive an email from a partner lender with next steps.
Notify MeTo be connected with other free financing resources from the NYC Department of Small Business Services, visit nyc.gov/financingassistance.
Unlock opportunity.
Grow, Hire, Build, and Thrive
The NYC Small Business Opportunity Fund delivers flexible, affordable capital and free business support services to small business owners and emerging entrepreneurs in New York City’s five boroughs.
The NYC Small Business Opportunity Fund serves all NYC-based small businesses, including:
- Businesses located in low- and moderate-income (LMI) communities
- Woman-owned businesses
- BIPOC-owned businesses
- Immigrant business owners
- New start-ups or early-stage businesses with less than two years of revenue
- Rebuilding and recovering businesses
There is no minimum credit score required but applicants must demonstrate ability to repay the loan.
This new program is perfect for:
Emerging and startup businesses seeking working capital
Growing businesses that need help paying for inventory, equipment, and more
Businesses rebuilding from the COVID-19 downturn that need help with:
- Marketing to re-engage their customers
- Technology to improve efficiencies
Loan Terms & Eligibility
Loan Terms
| Small Business Loan | |
|---|---|
Loan Amount | $2,000-$250,000 Loan size will be determined based on applicant’s ability to repay the loan |
Borrowing Entity | For-profit small business with revenue less than $5M |
Interest Rate | Fixed rate 4% |
Fees | No application fee Borrower paid third-party costs not to exceed $300 used for UCC filing, wire transfers (if not using ACH), DMV filing (if vehicle financing) |
Repayment term | Maturity: 60 or 72 months Amortization:
Interest-only for first six months on start-ups. |
Use of proceeds | Startup, Business Acquisition, Transition Businesses, Refinancing, Equipment, Leasehold Improvements, Working Capital. No real estate (unless part of business acquisition.) |
Prepayment | Borrowers may prepay the loan at any time without penalty. |
Credit Requirements | There is no minimum credit score requirement, but applicants will need to provide documentation that they are able to repay the loan |
Cost Analysis
Monthly Payment Estimate:
Your monthly loan payment depends on the size of your loan, and will be the same amount each month for 5 or 6 years*
| Loan Amount | $5,000 | $25,000 | $50,000 | $100,000 | $150,000 |
| Monthly Payment | $92 | $460 | $920 | $1,841 | $2,346 |
* Loans less than $100,000 will have a 5-year fixed term, while loans between $100,000 and $250,000 will have a 6-year fixed term. There is no prepayment penalty. You can estimate your monthly repayments based on the amount of loan you wish to take out here. Please note this calculator is only an estimate of your repayment, not a guarantee.
Partner Organizations
Local partners. Local solutions for small business.
The Fund was created specifically for NYC small business owners, developed and administered by local partners – including the NYC Department of Small Business Services (SBS), Goldman Sachs’ One Million Black Women, Mastercard Center for Inclusive Growth, local Community Development Financial Institutions (CDFIs – non-profit community-based financial institutions), and local small business centers that understand your community and customers.
Our collective goal? Energize, capitalize, and empower NYC small business owners to grow, hire, rebuild, and thrive.
The NYC Small Business Opportunity Fund is made possible through public-private partnerships with the following:
Community Development Financial Institutions (CDFIs)
FAQ
Frequently Asked Questions about the NYC Small Business Opportunity Fund