NYC Pumps $80M Into Small Business Loans

NEW YORK, NY — Mayor Zohran Mamdani announced the launch of an $80 million loan program aimed at expanding access to affordable financing for small businesses across the city.

The revamped NYC Future Fund lowers borrowing costs, reduces minimum loan sizes and expands eligibility, targeting businesses that have historically faced barriers to capital, including immigrant-, minority- and women-owned firms.

“Small businesses are the backbone of New York City’s economy and the heart of our neighborhoods,” Mamdani said. “But many entrepreneurs — especially immigrant and working-class New Yorkers — have been locked out of the affordable capital they need to grow.”

The program allows businesses to apply for loans starting at $25,000, down from a previous minimum of $100,500. Interest rates have been reduced from 9 percent to 7.5 percent, and repayment terms now scale based on revenue, with rates as low as 2 percent of monthly income.

City officials also lowered the minimum annual revenue requirement from $300,000 to $50,000, expanding access to smaller businesses.

Deputy Mayor for Economic Justice Julie Su said the program reflects feedback from business owners.

“The NYC Future Fund shows what government can do when it listens to small businesses and acts on what it hears,” Su said.

Department of Small Business Services Commissioner Kenny Minaya said the changes aim to address longstanding financing gaps.

“By offering more loan options, lower interest rates, and flexible repayment terms, the city is expanding access to capital at a time when the affordability crisis is putting real strain on entrepreneurs,” Minaya said.

The program operates as a public-private partnership between the city and several community development financial institutions, including Community Reinvestment Fund USA, Accompany Capital, Grow America and Pursuit.

Officials said the city will launch a five-borough outreach campaign focused on communities with limited access to traditional financing.

The city piloted the program with support from JPMorgan Chase and TD Bank, distributing $1.2 million to four businesses.

Applications for the NYC Future Fund are now open.