NYC Boosts Small Business Loans by $80M

New York City is making a major investment in its entrepreneurs with an $80 million expansion of the NYC Future Fund, a city-supported loan program designed to make financing more accessible. Mayor Zohran Mamdani is spearheading this initiative, aiming to bolster small businesses, particularly those owned by immigrants, minorities, and women, who have historically faced significant barriers to capital.

Expanding Access to Capital for Entrepreneurs

The NYC Future Fund has been relaunched with a focus on increasing access to affordable capital. “Small businesses are the backbone of New York City’s economy and the heart of our neighborhoods,” stated Mayor Mamdani. “But many entrepreneurs — especially immigrant and working-class New Yorkers — have been locked out of the affordable capital they need to grow.”

This expansion builds upon a successful 2025 pilot program. Key improvements include lowering the minimum loan threshold from $100,500 to $25,000, reducing interest rates from 9% to 7.5%, and introducing flexible repayment structures based on revenue, with rates as low as 2% of monthly income. The minimum annual revenue requirement has also been lowered from $300,000 to $50,000, opening doors for newer and lower-income businesses.

Feedback-Driven Improvements

City officials emphasized that the relaunch is a direct response to constructive feedback from business owners and aims to address critical financial gaps. Deputy Mayor for Economic Justice Julie Su highlighted the program’s responsiveness: “The NYC Future Fund shows what the government can do when it listens to small businesses and acts on what it hears.”

Commissioner of the Department of Small Business Services, Kenny Minaya, appeared in a video with Mayor Mamdani to underscore the fund’s importance. He described small businesses as the “beating heart of our city’s culture,” whether they are serving Sancocho or providing essential neighborhood services.

Serving All Five Boroughs

The previous pilot of the program received initial funding from JPMorgan Chase and TD Bank, distributing $1.2 million to just four businesses. Now, with city support, the NYC Future Fund can extend its reach to all five boroughs—Manhattan, Queens, Staten Island, Brooklyn, and The Bronx—ensuring that underserved communities receive the vital support they deserve.

Applications for the NYC Future Fund are now open, offering affordable and flexible financing options for seasonal and growing small businesses. This significant investment signals New York City’s commitment to fostering a thriving and inclusive entrepreneurial ecosystem.