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Small Business Funding Resources
February 20, 2023
Diverse cafe employees smiling and standing behind cash register

** Updated February 3, 2022 **

While Federal emergency programs, such as the Economic Injury Disaster Loan (“EIDL”) and Paycheck Protection Program (“PPP”) are now closed, some state and other programs remain open.  In addition, a range of ongoing, non-emergency loans and other support programs exist to help small businesses.  

We have compiled the following list of available funding resources. The list - and programs listed - are subject to change given the evolving situation.  We attempt to provide regularly updated information.

NY State Programs

The New York State COVID-19 Pandemic Small Business Recovery Grant Program provides grants to New York small businesses, micro-businesses and for-profit independent arts and cultural organizations in operation as of March 1, 2019

For restaurants, the state offers Restaurant Resiliency Program grants for restaurants that choose to provide meals and food to people within distressed or under-represented communities.  There is also a Restaurant Return-to-Work Tax Credit to help reemploy staff

The Empire State Development website offers a matching tool to help businesses and other organizations identify programs for which they may be eligible

The NYC Business website provides a centralized source of licensing, resource and service information, as well as a customizable dashboard to help new and existing NYC businesses

The Global NY Fund is open to NYS-based companies looking to create or expand export programs or serve as suppliers to larger exporters. Loans are available to purchase equipment, inventory, working capital to support foreign accounts receivable, export lines or credit, or long-term financing

New York’s Shared Work Program lets companies keep trained staff and avoid layoffs. Employees can receive partial Unemployment Insurance benefits while working reduced hours. Full-time, part-time and seasonal employees are eligible. Companies can apply online through the NY Department of Labor.

A public/private partnership, the NYC Small Business Resource center  will connect eligible small businesses with specialists to provide assistance in technology, real estate, legal and accounting services, procurement opportunities, marketing, sources of loans and grants, and more.

The New York Forward Small Business Lease Assistance Partnership will provide small businesses with pro bono legal assistance from its network of more than 1,000 attorneys to renegotiate their lease terms in the wake of Covid-19.  The Small Business Lease Assistance Partnership website includes information on the lease renegotiation process and details the different types of lease workouts available to help small businesses cope with the financial impacts of COVID-19. Those interested in pro bono assistance can complete the partnership's intake form to be matched with a volunteer attorney. 

WE Legal provides women entrepreneurs a range of support and services that target negotiation and legal protection

SBA Programs

The COVID-19 Economic Injury Disaster Loan (EIDL) program closed as of December 31, 2021.  For those who submitted an application prior to the deadline, the agency continues to provide new loans and expand existing EIDL facilities as long as funding allows.  

  • Application status can be checked and questions directed to the Disaster Center: 1-800-659-2955 or  Applicants should record the unique application number received once the application is completed to use for any questions or to track status; any communication from the SBA should include this number. 

  • These resources can also be used should to dispute a loan denial or other incorrect or incomplete information.  Many businesses have been contacted by the SBA with claims of discrepancies in or missing information.  In many cases, this is a bureaucratic oversight.  Do not be reluctant to dispute notifications which you believe to be incorrect.

Non-Covid disaster loans: The EIDL program is not not just for Covid; it was originally created to help small businesses in the event of disaster.  As such, businesses impacted by Hurricane Ida may be eligible for a non-Covid EIDL Loan

The Paycheck Protection Program (PPP) has now closed.  While a forgiveness application is not required until the maturity of the loan (typically 5 years), businesses that received a PPP loan should plan to apply for forgiveness within 16 months of the original receipt of funds to avoid the risk of being charged interest on amounts ultimately forgiven.  Businesses should apply directly with their PPP lender or directly at the SBA PPP Loan Forgiveness Portal.  PPP recipients seeking more information can refer to our guide to Applying for PPP Forgiveness.

Other Loan and Grant Programs 

SBA loans: many lenders are re-energizing traditional loan programs, including microloans, 7A (typical business loans) and 504 loans (for property and equipment).  

  • For businesses seeking $50K or less, an SBA microloan may be an option.  Many Community Development Financial Institutions (CDFIs) are offering microloans at attractive rates.

  • Many lenders offer specialized products for veterans or MWBE-certified businesses doing business with the Government. 

  • The SBA Lender Match Tool can help find a lender.

Other Programs Include:  

Hebrew Free Loan Society Small Business Loan Program provides interest-free loans of up to $50,000 to low- and moderate-income residents of New York City’s five boroughs, Westchester, or Long Island to help launch or expand a business. 

CitizensNYC offers grants of up to $10,000 in Neighborhood Business Grants, which prioritize businesses owned by people of color, immigrants, and women 

Brooklyn Alliance Capital is offering zero-interest Bring Back Brooklyn Loans of up to $10K 

The Bronx Overall Economic Development Corp (BOEDC) is offering zero-interest, 2-year Business Continuity Loans of $25-100K.

The SoGal Foundation’s Black Founder Startup Grant offers Black women or nonbinary entrepreneurs $5K or $10K grants, as well as fundraising assistance and “ask-me-anything” access to the SoGal Foundation.  Applications are accepted on a rolling basis.

The Zakat Fund is offering support to 501(c)(3) organizations working to support residents of the NYC metropolitan area

The USHCC & Grubhub Restaurant Small Business Grant will offer grants of $5000-10,000 to Hispanic-owned businesses with 20 or fewer full-time employees.  Applications close January 26.

The National Association for the Self-Employed (NASE) offers $4000 Growth Grants.  You must be a NASE member to apply.

Crowdfunding may be an option for many businesses:

  • Rewards crowdfunding sites such as KickstarterIndiegogo or iFundWomen can help provide funding to launch or grow products or services

  • Debt crowdfunding, such as Kiva or Mainvest can provide crowdsourced debt for many businesses

Industry-Specific Resource and Other Business Listings

SCORE has checklists for reopening small businessesretail businesses and restaurants, as well as action plans for a range of other businesses

NYC offers a range of Covid-19 guidance for business owners, including a tool to check which phase of reopening your business belongs to, business and restaurant reopening guidelines, FAQs and links to webinars and other resources  

CovidCap, launched by Duke’s Fuqua School of Business, provides a centralized listing of Covid-related loans and grants for small business and nonprofits.  Registration is required.  GrantSpace has also compiled a searchable database of Covid-relief programs and other resources  

Both the NY State Council on the Arts and the Bronx Council on the Arts provide grants and other resources for artists.  Other resources for artists include Comedy Gives Back, the American Society of Journalists and Authors’ Writers Emergency Assistance Fund, the Recording Academy’s MusiCares Covid-19 Relief, the Foundation for Contemporary Art’s FCA Emergency Grant Covid-19 Fund.  The Covid-19 Freelance Artist Resource offers a crowdsourced list  

The National Council for Nonprofits and the Nonprofit Finance Fund have both compiled Covid-19 resources for nonprofits  

Both the National Restaurant Association and the James Beard Foundation have resources, reopening guides, advocacy and other information for the restaurant industry 

The AICPA Benevolent Fund  provides short-term assistance for members experiencing difficulty due to unemployment, accidents, medical expenses, natural disaster or the loss of a primary source of family income

This list of resources for unemployed New Yorkers outlines sources of assistance with food, housing, student loans and other issues

Running a business is always stressful and these are particularly anxious times.  Anyone needing assistance with stress, depression, anxiety, or substance abuse can call, text or chat with NYC Well for free, confidential mental health support.


We have compiled the following list of available funding resources to help our small business clients navigate the unprecedented challenges caused by the current crisis. The list - and programs listed - are subject to change given the evolving situation.  We attempt to provide regularly updated information.

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Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

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