NYC LMI Storefront Loan
The New York City has restarted the loan program that every small business owner have been looking for. The New York City's Storefront Loan for LMI(Low and Medium Income businesses) is finally here.
This program aims to provide aid to small businesses so that they can restart their business which were earlier affected due to the pandemic. The NYC has put aside a fund of $30 million for this program. Many businesses were funded during the 1st round of this program(December 2020) and now the NYC is set to help small businesses under Round - 2 with the balance funds.
Now let us discuss about the basics of this loan program:
Is my business eligible for this loan?
This is the first question that comes in the mind of every business owner who wants to apply. And, I know you all are eager to know whether your business is eligible for this loan or not. So let me tell you, Only a small business which:
So these are the eligibility criteria a business must crack to get this funding.
Now let's talk about when to apply for this loan:
The programs has already started from July 7 onwards and small business owners are rushing to the NYC Business portal to apply for it. The clock is ticking very fast as the program is set to be closed on August 17th. So I would suggest that this is the right time to apply or else the funds will get exhausted.
How to apply for the LMI Storefront Loan?
In order to apply for the Storefront Loan, you must have an account on the NYC Small Business Services(SBS) portal. If you don't have an account, you should create one, which is very easy.
You just have to provide some basic details about your business, a declaration that your business meets all the eligibility criteria and must provide a signed authorisation form(which is to be signed by each owner above 20% holding in business) in the end of the application process.
After this comes the documentation process.
This one is a bit tricky process, before I tell you why am I saying this, let us have a look at the list of documents required to apply:
So, these all are the requirements that you must provide in order to get this loan.This is not at all easy as it seems for an small business owner to apply on his own for the loan. I would rather suggest you to contact a CPA who can assist you in all the application and documentation process for this loan.
Need assistance with the application?
Braj Aggarwal, CPA accounting professionals are here to help you with the prequalification and paperwork.To learn more about our Accounting services & tax preparation services or connect with our team by filling the form below.
I hope this article finds you helpful and has cleared all your doubts if you're looking for this funding.
