{"id":826800,"date":"2026-05-28T02:07:29","date_gmt":"2026-05-28T02:07:29","guid":{"rendered":"https:\/\/www.europesays.com\/us\/826800\/"},"modified":"2026-05-28T02:07:29","modified_gmt":"2026-05-28T02:07:29","slug":"nyc-small-businesses-could-get-zero-interest-loans-up-to-60k-under-new-program","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/826800\/","title":{"rendered":"NYC small businesses could get zero-interest loans up to $60K under new program"},"content":{"rendered":"

Small business owners struggling to access affordable capital could qualify for zero-interest loans of up to $60,000 under a new citywide partnership\u00a0that City Comptroller Mark Levine announced on May 27.<\/a><\/p>\n

The city\u2019s financial watchdog said on Wednesday that the Hebrew Free Loan Society<\/a> (HFLS) will make $8 million available to low- and moderate-income entrepreneurs across the five boroughs, with the goal of helping businesses launch, stay open, or expand without taking on high-interest debt.<\/p>\n

The loans are intended for small business owners who may have difficulty securing traditional financing, including entrepreneurs without significant personal wealth, collateral, or longstanding banking relationships, according to Levine, who noted that the program is funded and administered by HFLS, with no city funding involved.<\/p>\n

The program will prioritize businesses in neighborhoods with high storefront vacancy rates and in historically marginalized communities.\n<\/p>\n

HFLS expects to support about 200 small businesses, depending on final loan amounts. The average loan is expected to be about $40,000, officials said.\n<\/p>\n

\u201cSince my days leading a credit union in Washington Heights, I\u2019ve seen the power and lasting economic and social impact that providing access to capital can have on a business and a community,\u201d said Levine. \u201cThe positive return on investment these loans will have for our entire economy is overwhelmingly evident. I encourage any eligible small business looking to establish, sustain, or grow their footprint in New York City to apply for these loans.\u201d<\/p>\n

The Hebrew Free Loan Society, founded in 1892, provides interest-free loans to New Yorkers seeking access to affordable capital. The organization is nonsectarian, and borrowers do not have to be Jewish to receive a loan.<\/p>\n

HFLS officials said the $8 million commitment is the largest amount the organization has dedicated to small business lending in a single year.\n<\/p>\n

\u201cWe know how hard it can be for lower-income entrepreneurs to find capital to start or expand a business. For more than a century, the Hebrew Free Loan Society has been a source of opportunity for New Yorkers pursuing the dream of business ownership, and we are proud to partner with Comptroller Levine\u2019s office to ensure that hundreds more small businesses will secure the funding they need to play their part in building New York City\u2019s diverse and dynamic economy,\u201d said Rabbi David Rosenn, president and CEO of the Hebrew Free Loan Society.\u00a0<\/p>\n

\u201cSmall businesses are the lifeblood of every neighborhood in NYC, and with credit tight and interest rates high, we\u2019re proud to offer an interest-free option designed to meet the needs of mom and pop small businesses in every borough,\u201d he added.\u00a0<\/p>\n

The citywide effort builds on a smaller Manhattan progra<\/a>m that Levine launched with HFLS while serving as Manhattan borough president. Last May, Levine wrote in amNewYork<\/a> that the Small Business Booster Loan Program had disbursed more than $2.2 million to dozens of borrowers.<\/p>\n

That program helped business owners pay for expenses such as rent, equipment, payroll, and marketing, Levine wrote, citing several Manhattan businesses that used the loans to grow, including UpDog Studios in West Harlem, Sipsteria in Morningside Heights, and Skinergy Beauty.<\/p>\n

Levine\u2019s office said Wednesday it encouraged HFLS to expand the program citywide and will help promote the loans through community outreach, with a focus on small businesses in disinvested neighborhoods and areas with high storefront vacancy rates.<\/p>\n

Under HFLS\u2019 small business loan program, repayment begins three months after the borrower receives the loan. Repayment terms are determined on a case-by-case basis by HFLS\u2019 Small Business Committee and typically range from 12 to 36 months. Payments are made monthly by electronic debit from a checking account, according to the organization.\u00a0<\/p>\n

There are no fees, according to the Comptroller\u2019s Office. HFLS does file a Uniform Commercial Code lien against the business\u2019s assets. Guarantors must live in the tri-state area, have good credit, and earn at least $60,000 annually.<\/p>\n

Business owners can apply online or find out more at HFLS.org\/small-business.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Small business owners struggling to access affordable capital could qualify for zero-interest loans of up to $60,000 under…\n","protected":false},"author":3,"featured_media":826801,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5122],"tags":[5229,64,329939,339541,339542,76328,405,403,5226,5225,5228,5227,28478,67,586,132,5230,68,2969],"class_list":["post-826800","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-america","tag-business","tag-comptroller-levine","tag-hebrew-free-loan-society","tag-interest-free-loan","tag-mark-levine","tag-new-york","tag-new-york-city","tag-newyork","tag-newyorkcity","tag-ny","tag-nyc","tag-small-businesses","tag-united-states","tag-united-states-of-america","tag-unitedstates","tag-unitedstatesofamerica","tag-us","tag-usa"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116649764383910423","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/826800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=826800"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/826800\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/826801"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=826800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=826800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=826800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}