The result of a partnership between the City of New York, Goldman Sachs, Mastercard Center for Inclusive Growth, local Community Development Financial Institutions CDFIs, and CRF, the New York City Small Business Opportunity Fund (NYC SBS) launched in January 2023. Through the $75 million program, local community lenders provided loans ranging from $2,000 to $250,000 and free small business support services to NYC small businesses.
In addition to serving small businesses, the unique structure of the fund also strengthened participating lenders. After an eligible loan closed, it could be sold into the fund, enabling the local lenders to maximize their balance sheets and generate more impact.
