Impact: New York Forward Loan Fund

CDFIs partner with New York State to deliver critical small business financing

When the State of New York created the New York Forward Loan Fund, small businesses and non-profit organizations in the Empire State breathed a sigh of relief.

Thanks to a partnership between five CDFIs, New York State, LISC, Calvert Impact Capital and target borrowers, New York made more than $100 million available as part of the program. CRF created and supported the loan application interface for the fund, which provided low-interest loans to small businesses, landlords and nonprofits.

With the fund, women- and minority-owned small businesses, nonprofits and multi-family housing companies that did not receive federal COVID-19 assistance are now on the road to recovery, thanks to New York State, CDFIs and community lenders that are making a difference.