Broker Check

Alternative Avenues for Business Support

Newly Announced Loans & Grants

1. NYC Small Business Continuity Loan Program:

2. Facebook's Small Business Grant Program:

3. Credit Cards: Amex and other credit card issues are offereing payment extensions, waiver of late fees, and the skipping of payments. Contact your credit card issues to what financial assistance they're offering. 

4. Industry-Specific Financial Assistance Programs: the Federal Reserve Bank of New York is a good resource for the latest information

5. Small Business Administration Economic Injury Disaster Loans: The SBA is offering low-interest federal disaser loans for working capital.

Cash Advance of up to $10,000.

Loans offer up to $2 million for temporary loss of revenue.

Interest rate is 3.75% for small businesses; non-profits 2.75%. Up to 30-year term.

Can be used to pay fixed debts, payroll, accounts payable, and other bills

6. Express Bridge Loan Pilot Program: allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork.

7. State Loan or Grant Programs:

The New Jersey Economic Development Authority (NJEDA):

For other states, Google search: business assistance COVID + state name OR economic development COVID + state name to help you find these programs in your respective state.

8. Alice: providing small business grants up to $10,000

9. Thryv Foundation: providing grants up to $15,000 for small to medium sized businesses

10. New York: providing zero interest loan up to $75,000 for NYC business

11. Kiva: providing zero interest loan for US business owners

Information provided by VantagePoint Benefits.