Mayor Zohran Mamdani on Tuesday rolled out an $80 million expansion of the NYC Future Fund, a city-backed loan program aimed at making financing more accessible to small businesses across the five boroughs.
The updated initiative builds on a 2025 pilot and introduces lower borrowing thresholds, reduced interest rates and more flexible repayment structures designed to meet the realities of smaller and seasonal businesses.
The relaunch focuses on expanding access to capital for entrepreneurs who have historically faced barriers, including immigrant-, minority- and women-owned businesses. City officials are pairing the funding boost with a five-borough outreach campaign intended to reach communities that have been underserved by traditional lending systems.
The revamped program significantly lowers the entry point for borrowers. Minimum loan amounts have dropped from $100,500 to $25,000, opening the door to smaller businesses that may not have qualified before. Interest rates have also been reduced, falling from 9% to 7.5%, while repayment terms have been adjusted to better align with fluctuating revenues. Instead of a fixed repayment rate, businesses can now repay as little as 2% of monthly revenue, depending on the size and structure of the loan.
“Small businesses are the backbone of New York City’s economy and the heart of our neighborhoods,” said Mamdani.
Eligibility requirements have also been broadened. The minimum annual revenue threshold has been cut from $300,000 to $50,000, a shift that allows newer and lower-income businesses to apply. Applications for the program are now open through the city’s website.
The NYC Future Fund operates as a public-private partnership between the city and several Community Development Financial Institutions, including Community Reinvestment Fund USA, Accompany Capital, Grow America and Pursuit. These institutions work with the city to deliver financing options intended to support long-term business growth while maintaining more flexible lending standards than traditional banks.
The program’s earlier pilot phase, supported by funding from JPMorgan Chase and TD Bank, distributed a total of $1.2 million to four businesses. City officials say feedback from those initial participants helped shape the current version, particularly around loan size, repayment flexibility and eligibility criteria.
“The NYC Future Fund shows what government can do when it listens to small businesses and acts on what it hears,” said Deputy Mayor for Economic Justice Julie Su.
