Curran Continues Small Business Recovery Efforts & Launches
NY Forward “Boost Nassau” Loan Program - Locking in $10 Million for Local Businesses & Nonprofits
Nassau County, NY – Nassau County Executive Laura Curran announced today that the County is launching the “Boost Nassau” Loan Program, to offer critical stabilization loans to Nassau’s small businesses, Minority/Women-owned Business Enterprises (MWBE) and non-profits hard hit by the COVID-19 pandemic. The new “Boost Nassau” program secures up to $10 million loan capacity for the County’s businesses as part of the state’s “NY Forward Loan Fund (NYFLF)” announced by Governor Andrew Cuomo on May 22, 2020. The program is made possible with an investment of $500,000 by Nassau County and the Nassau County Local Economic Assistance Corporation (NC LEAC), in partnership with National Development Council (NDC), one of five community development financial institutions (CDFIs) participating in NY Forward.
“Small businesses employ our neighbors, family, and friends and are the heart of our once vibrant downtown communities – now struggling to stay alive,” said County Executive Curran. “With this new loan program, we are boosting the chances of Nassau’s small businesses and nonprofits getting the loans made possible through the just announced NY Forward loan fund. We will pursue a robust outreach strategy through our minority outreach offices, local chambers and partners to ensure businesses in hard-hit communities that missed out on other programs can finally get the relief they need. I want to thank Governor Cuomo for his commitment to supporting small businesses and I will continue to do everything I can on the County level to help our businesses recover and forge ahead safely and efficiently.”
“This program will help small businesses in Nassau County recover from this economic downturn and aid in their reopening,” said IDA and LEAC Chairman Richard Kessel. “These loans will breathe new life into our downtowns and help bring back and boost Nassau County’s recovery.”
“NDC values its working relationship with Nassau County and NDC LEAC and is pleased to leverage the county’s investment to expand the pool of loan capital for small operating businesses and non-profits during these challenging times,” said Kevin Gremse Senior Director, National Development Council.
“The Nassau Council of Chambers values our relationships with the County and IDA and their welcoming of our input in all discussions. This program will provide a very needed additional layer of Funding for the reopening of our Main Street businesses,” said Dennis Grossman President of Nassau County Council of Chambers of Commerce.
“The Boost Nassau Small Business Loan Program will provide much needed capital to small business owners in Nassau County and help in the county’s recovery efforts to strengthen the local economy,” said Phil Andrews, Long Island African American Chamber of Commerce.
Loan Program Details
- Up to $100,000 loan for businesses with no more than $3M in gross revenues; no minimum amount
- No application or loan fees
- 5-year or 60-month term (interest-only payments first 12 months; principal and interest payments months 13-60)
- 2% interest rate for non-profits; 3% interest rate for small businesses
- Designed to address needs unmet by federal loan programs such as PPP
Eligible Uses
- “Survival and working capital” over longer term, i.e. operations, rent, supplies [including PPE], purchases of materials
Eligible Borrowers
- NYS For Profit and Not-For-Profit Employers with less than 20 employees, in operation for at least one year
- Impacted by COVID-19 and haven’t accessed federally-backed programs
- MWBE-owned businesses and those in economically distressed neighborhoods in NDC Partner Communities will be prioritized
- In operation as of 3.1.20 and able to show 3 months of need
- No bankruptcy
- Owner gives personal guarantee of 20% or more
Further details on the program will be available after May 26th at www.boostnassau.net. In the meantime, for more information, please visit www.nassaucounty.gov/reopen.
Please note that participation in this program by Nassau County LEAC is subject to a vote of its Board of Directors on Thursday, May 28, 2020.