New York City Mayor Zohran Mamdani on Tuesday (local time) launched the $80 million NYC Future Fund to help small businesses get affordable financing. The move aims to push for more flexible capital toward business owners who have been struggling to get traditional bank loans.
According to an official release, Mamdani, along with Deputy Mayor for Economic Justice Julie Su and Department of Small Business Services (SBS) Commissioner Kenny Minaya, announced the launch of the revamped NYC Future Fund across the city. The loan programme puts special focus on serving immigrants in a better way. This includes minority and women-owned businesses that have long faced hurdles in accessing capital.
Also Read | Vikas Khanna hosts Zohran Mamdani for Iftar — They go back 25 years
Mamdani said, "Small businesses are the backbone of New York City’s economy and the heart of our neighbourhoods."
The mayor noted that many entrepreneurs – especially immigrant and working-class New Yorkers – have been locked out of the affordable capital they need to grow. "Our revamped NYC Future Fund will change that. By lowering costs and expanding access, we are making sure small business owners across the five boroughs have the tools they need to grow and strengthen the communities they serve,” he stated.
Here's all you need to know about the revamped NYC Future Fund: The revamped NYC Future Fund is an updated programme that expands on the 2025 pilot by offering lower minimum loan amounts, reduced interest rates, and more flexible repayment options. 2. Applications to apply for the NYC Future Fund are open and available at: nyc.gov/futurefund
3. The fund has been expanded to make financing more accessible for small business owners across NYC.
4. The programme has been strengthened by bringing down borrowing costs, broadening eligibility to include businesses that have lower operating revenue, and making it simpler for small businesses to access financing.
5. The revamped fund launch also includes a targeted outreach campaign across all five boroughs, focusing on communities that have historically faced the greatest barriers to accessing affordable financing.
What does the NYC Future Fund include? The minimum loan amount has been reduced significantly from $100,500 to $25,000.
Additionally, the interest rate has also been lowered to 7.5% from the previously announced 9%.
The Mamdani administration has lowered the monthly repayment rates from 9.5% of revenue to a mere 2% of monthly revenue. This is dependent on loan size and business needs.
The minimum annual revenue required for eligibility has been lowered from $300,000 to $50,000.