About the NYC Small Business Opportunity Fund
• The NYC Small Business Opportunity Fund provides access to flexible, affordable capital and free business support services to small business owners and emerging entrepreneurs in New York City.
• All loans and services are available through a network of local, mission-based lenders, which includes Renaissance Economic Development Corp.
• The easy application process helps you determine eligibility quickly and guides you through the requirements.
• The Fund serves all NYC-based small businesses in New York City’s five boroughs including:
- Businesses located in low- and moderate-income (LMI) communities
- Woman-owned businesses
- BIPOC-owned businesses
- Immigrant business owners
- Early-stage businesses with less than two years of revenue
- Early-stage start-ups
- Rebuilding and recovering businesses
Interest Rate and Terms
• This small business loan program is intentionally designed to have flexible terms and low interest rates without a minimum credit score requirement.
• Loan amounts from the NYC Small Business Opportunity Fund range from a minimum of $2,000 to a maximum of $250,000, depending on the size and scope of your needs.
• NYC Small Business Opportunity Loans feature:
- A low fixed interest rate of 4% with no prepayment penalty.
- Maturity: 6 years or 72 months
- Full amortization over 60 months for loans less than $100,000
• Small businesses can use their loan proceeds for a variety of purposes, including:
- Working capital
- Debt refinancing
- Equipment or real estate investments
- Employee recruiting, hiring, and retention
Update: As of Feb 13, 2023, this program is temporarily closed. For more information, please go here.
The NYC Small Business Opportunity Fund is made possible through public-private partnerships with Goldman Sachs' One Million Black Women, Mastercard Center for Inclusive Growth, Community Reinvestment Fund, USA (CRF), local Community Development Financial Institutions(CDFIs), and small business service centers.