Nearly 90% of businesses in New York City have 20 or fewer employees, qualifying them as small businesses. Traditional banks typically avoid lending to new small businesses, and established lower-income entrepreneurs also struggle to secure expansion capital.
The HFLS Small Business Loan Program addresses this problem by providing lower-income New Yorkers with access to loans of up to $50,000 to launch or expand their business. These 0% interest loans spur economic growth, provide jobs to local residents, and strengthen economic opportunities in neighborhoods where the need is greatest. Over the past three years the Small Business Loan Program has grown by 120%, from $2 million to $4.4 million.