The citymeetings.nyc logo showing a pigeon at a podium with a microphone.

citymeetings.nyc

Your guide to NYC's public proceedings.

Q&A

Details of the small business operations Fund loan program

1:31:27

·

4 min

Council Member Feliz inquires about the small business operations Fund, and Commissioner Kim provides detailed information about the loan program. The discussion covers loan amounts, terms, interest rates, and industries served by the program.

  • Loan amounts range up to $250,000, with an average of $80,000 per loan
  • Loan terms are 5 years for amounts under $100,000 and 6 years for amounts $100,000 and over
  • The interest rate is 4%, which was below market rates at the time of launch
  • The program served various industries, with food service, retail, and professional services being the most represented