NYC low-interest loan program to provide $75 million in cash toward eligible small businesses: Mayor Adams

In his latest effort to revive the city’s economy post-pandemic, Mayor Eric Adams unveiled on Monday a new $75 million public/private small business loan fund to help boost mom-and-pop operations that have traditionally struggled to get assistance.

Dubbed the “NYC Small Business Opportunity Fund,” the public-private partnership brings together the city’s Department of Small Business Services (SBS) with Goldman Sachs, MasterCard and eight community development financial institutions (CDFIs), SBS Commissioner Kevin Kim said during a news conference announcing the new initiative in the Bronx on Jan. 23.