The Agency and its Community Partner the National Development Council Host Webinar
Submitting a Strong Application to the New York Forward Loan Fund in Broome County.
BINGHAMTON, NY – Empire State Development (ESD), the New York State office for economic development, established the New York Forward Loan Fund (NYFLF) on May 26, 2020, with the hope to assist New Yorkers across the state struggling due to the coronavirus pandemic. The New York Forward Loan Fund is designed to support non-profits, small landlords, and small businesses with a focus on minority and women owned enterprises (MWBEs).
The NYFLF provides working capital to these small landlords, nonprofits, and businesses to ensure access to credit while reopening, and loans are to be paid back over a 5-year term with interest. Communities have the option through local Community Development Financial Institutions (CDFIs) to increase the total loan pool available for businesses.
In June 2020, The Agency, as a long-term client community of the National Development Council (NDC), a reputable CDFI, was able to partner with NDC and invest $100,000 from its revolving loan funds to leverage a $2,000,000 loan pool available for businesses in Broome County.
Now, as a continuation of this partnership, The Agency and NDC will be hosting a webinar on Wednesday, August 26, 2020 from 3:00 – 4:00 PM titled “Submitting a Strong Application to the New York Forward Loan Fund in Broome County.”
The webinar will explain the partnership between the Agency and NDC, cover the basics of the New York Forward Loan Fund, as well as highlight other local financial and business assistance programs. Panelists will include Agency Executive Director, Stacey Duncan, and representatives from NDC and the Community Preservation Corporation (CPC) who will review best practices for small business and small landlord applications, respectively.
Join us tomorrow to learn more about the New York Forward Loan Fund application and discover other possible avenues for local assistance. Media may submit questions during the Q&A portion of the webinar - if possible, questions should be submitted in advance of the webinar. To submit questions or for more information on the webinar and how to register, contact Amy Williamson at 607.584.9000 or firstname.lastname@example.org.