NYC promotes its own online business loan marketplace

Posted under: SMB
Date: 2024-03-19
NYC promotes its own online business loan marketplace

There was so much demand for NYC’s experimental Small Business Opportunity Fund last year that it had to stop accepting applications after just 3 weeks. The program, however, ultimately enabled 1,046 businesses to collectively borrow $85 million at a low interest rate of only 4%. While the mayor’s office has declared it a major success, it is now encouraging anyone else seeking funds to use its relatively new online business loan marketplace called NYC Funds Finder. Facilitated by Next Street, a b2b platform whose co-CEO Michael Roth is a former interim chief of the SBA, NYC Funds Finder promises to connect business owners with capital products that are “non-predatory and have been screened to ensure fair and transparent pricing and terms.” Additionally, the platform makes it easy for the business owner to connect with a free advisor if they need help navigating or applying for capital.

Read more at: debanked.com