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The Top Small Business Loan & Grant Options Right Now
1. Express Bridge Loans from The SBA
Website: sba.gov/LenderMatch
Financing type: Quick turnaround advance on an Economic Disaster Loan
Funding Limit: $25,000
Who it's for: US small businesses and non-profits waiting to receive a Disaster Loan
2. New York City HallWebsite: nyc.gov/covid19biz
Zero-interest loansFinancing type: Loan
Funding limit: $75,000
Who it's for: Businesses with fewer than 100 employees with sales decrease of 25%
Payroll grantFinancing type: Grant
Funding Limit: 40% of payroll costs for two months
Who it's for: Businesses with fewer than five employees
3. Downtown Alliance New York Small Business Rental Assistance GrantWebsite: downtownny.com/RentAssistGrant
Financing type: rental assistance grants
Funding limit: $10,000; Total fund is $800,000
Who it's for: Essential small businesses in New York City, must have fewer than 20 employees, be located on a ground floor, gross annual revenue below $1.5 million, and have a lease through December 31, 2020.
4. Brooklyn Chamber of Commerce Bring Back Brooklyn Fund
Website: bringbackbrooklyn.org
Financing type: zero-interest loans
Funding limit: Expected to be $30,000; Currently raising funds with a goal of $500,000
Who it's for: Small businesses in Brooklyn that have been hurt by the pandemic and have been shut out of other loan programs, and that plan to reopen. The majority of loans are for minority- and women-owned businesses, and funding will only begin after the economy begins to re-open.
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By John M Perez1. Express Bridge Loans from The SBA
Website: sba.gov/LenderMatch
Financing type: Quick turnaround advance on an Economic Disaster Loan
Funding Limit: $25,000
Who it's for: US small businesses and non-profits waiting to receive a Disaster Loan
2. New York City HallWebsite: nyc.gov/covid19biz
Zero-interest loansFinancing type: Loan
Funding limit: $75,000
Who it's for: Businesses with fewer than 100 employees with sales decrease of 25%
Payroll grantFinancing type: Grant
Funding Limit: 40% of payroll costs for two months
Who it's for: Businesses with fewer than five employees
3. Downtown Alliance New York Small Business Rental Assistance GrantWebsite: downtownny.com/RentAssistGrant
Financing type: rental assistance grants
Funding limit: $10,000; Total fund is $800,000
Who it's for: Essential small businesses in New York City, must have fewer than 20 employees, be located on a ground floor, gross annual revenue below $1.5 million, and have a lease through December 31, 2020.
4. Brooklyn Chamber of Commerce Bring Back Brooklyn Fund
Website: bringbackbrooklyn.org
Financing type: zero-interest loans
Funding limit: Expected to be $30,000; Currently raising funds with a goal of $500,000
Who it's for: Small businesses in Brooklyn that have been hurt by the pandemic and have been shut out of other loan programs, and that plan to reopen. The majority of loans are for minority- and women-owned businesses, and funding will only begin after the economy begins to re-open.