Mayor Adams announces $75 million fund to aid businesses still struggling from the pandemic
Mayor Eric Adams addressed New Yorkers in Fordham on Monday as he announced a new plan to aid small businesses still hurting from the pandemic.
Christine Noh, owner of three Nohble Footwear and Apparel stores, says she grew up and worked most of her life in a family-run shop. Noh says the pandemic shutdown, supply chain issues, inflation and a potential recession have made keeping her business afloat difficult.
“Funding for small businesses that have been trying to recover for the last few years is critical for our ability to continue to serve the communities that we live and work in,” said Noh.
Adams and the city’s Small Business Services Commissioner Kevin Kim announced a $75 million lifeline that will come to aid around 1,500 local businesses.
The Small Business Opportunity Fund is a partnership between the city, Goldman Sachs, MasterCard, and other community development financial institutions. It will offer loans up to $250,000 with fixed interest rates of 4% - which some call a game-changer.
Eligible city businesses must have less than $5 million in annual revenue to qualify. These loans can be used to refinance debt, hire, stock stores and more.
"Small businesses are the backbone of our community,” said Adams. “We need to stop breaking their backs, and we need to start giving them the support they deserve."