Renaissance Establishes Emergency Loan Fund For Small Businesses Impacted by Coronavirus
To assist businesses on the verge of collapse due to the coronavirus outbreak, Renaissance is creating an Emergency Small Business Relief Loan Fund. The fund will provide restaurants, retail stores, service businesses and wholesalers in our communities with crucial low-interest loans to get through this difficult time.
Emergency Small Business Relief Loan Program:
Working Capital Loans up to $50,000
Term: Initial 6 months of P&I deferment and a total term of 48 months
Interest Rates: 3% fixed
Simplified Business Documentation
Businesses must demonstrate at least a 25% decrease in sales due to COVID‐19
Businesses must be located in these neighborhoods: Flushing, Jackson Heights, Elmhurst, Murray Hill, Woodside, College Point, Bayside, Manhattan Chinatown and Lower East Side, Manhattan East 32nd Korean Town and Brooklyn Sunset Park, Bensonhurst, Bay Ridge, and Sheepshead Bay.
Business eligibility to be determined
Stay tuned for further details. Applications will open in the days ahead.
The fund is launching with $1.5 million initially raised by Renaissance, and will be augmented with additional funding from government and the private sector. Our small businesses desperately need your help. Please donate to the fund HERE.