Product
- Small businesses are eligible to apply for the lesser of $100,000 or 100% of the average monthly revenues (or operating expenses for nonprofits) in a 3-month period during the year 2019 or January to March 2020
- The interest rates are 3% for small businesses and 2% for nonprofits
- Terms are up to 60 months with interest only payments made monthly for the first 12 months
- Estimated two-week turn-around from completed application to closing
Eligibility
- Small businesses or nonprofits located in NYS with less than $3MM in revenues and 20 employees or less that need capital to re-open, sustain and recover from the impacts of COVID-19 and NYS on PAUSE
- Businesses must have been in operation for one year at time of application
- Loan proceeds can be used for working capital, inventory, marketing, refitting for new social distancing guidelines, operating and emergency maintenance, property taxes, utilities, rent, supplies, etc. Refinancing of an existing loan is not permitted
Application requirements for products generally include:
• At least one-year in business at the time application
• Minimum 600 credit score
Document requests at minimum include:
Last three years of tax returns including 2019
Interim YTD financial statements for 2020
Financial projections (depending on loan program)
Legal formation documents including by-laws / operating agreements
Business bank statements
Personal financial statements and tax returns for individual with 20% or more ownership in the business