NYC Unveils $80M Small Business Loan Fund

New NYC Future Fund aims to expand affordable financing for minority, immigrant, and women-owned businesses.

Mar. 18, 2026 at 1:44am

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Mayor Zohran Kwame Mamdani, Deputy Mayor Julie Su, and Department of Small Business Services Commissioner Kenny Minaya announced the launch of the revamped NYC Future Fund, an $80 million loan program designed to provide more affordable financing options for small businesses, with a focus on serving immigrant, minority, and women-owned enterprises that have historically faced barriers to accessing capital.

Why it matters

Small businesses are the backbone of New York City's economy, but many entrepreneurs - especially those from underrepresented backgrounds - have struggled to secure the affordable capital needed to grow their operations. The NYC Future Fund aims to address this disparity by lowering borrowing costs, expanding eligibility, and making it easier for more small businesses to access financing.

The details

The NYC Future Fund has been expanded with several key changes, including lowering the minimum loan size from $100,500 to $25,000, reducing interest rates from 9% to 7.5%, offering more flexible repayment terms, and decreasing the minimum annual revenue requirement for eligibility from $300,000 to $50,000. The program is a public-private partnership between the City of New York and local Community Development Financial Institutions (CDFIs).

  • The NYC Future Fund was launched on March 18, 2026.

The players

Zohran Kwame Mamdani

The Mayor of New York City.

Julie Su

The Deputy Mayor for Economic Justice in New York City.

Kenny Minaya

The Commissioner of the New York City Department of Small Business Services.

Community Reinvestment Fund, USA (CRF)

A CDFI partner working with the City of New York on the NYC Future Fund.

Ralph Bumbaca

The Executive Vice President and Regional President Metro NY at TD Bank, a supporter of the NYC Future Fund.

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What they’re saying

“Small businesses are the backbone of New York City's economy and the heart of our neighborhoods. But many entrepreneurs - especially immigrant and working-class New Yorkers - have been locked out of the affordable capital they need to grow. Our revamped NYC Future Fund will change that. By lowering costs and expanding access, we are making sure small business owners across the five boroughs have the tools they need to grow and strengthen the communities they serve.”

— Zohran Kwame Mamdani, Mayor of New York City (Mirage News)

“The NYC Future Fund shows what government can do when it listens to small businesses and acts on what it hears. These city-backed loans are designed to meet the real needs of businesses and expand fair access to the capital they need to grow.”

— Julie Su, Deputy Mayor for Economic Justice (Mirage News)

“The revamped NYC Future Fund is a major milestone in the city's efforts to tear down the barriers to financing that too many small businesses have faced for too long. By offering more loan options, lower interest rates, and flexible repayment terms, the city - working alongside our CDFI partners - is expanding access to capital at a time when the affordability crisis is putting real strain on entrepreneurs.”

— Kenny Minaya, Commissioner, Department of Small Business Services (Mirage News)

“At TD Bank, we believe access to affordable and flexible capital linked with ongoing technical assistance is critical to helping small businesses grow and succeed. We're proud of our long-time support of the NYC Future Fund and working alongside CDFI partners to expand financing opportunities for entrepreneurs that strengthen the communities these small businesses serve.”

— Ralph Bumbaca, Executive Vice President, Regional President Metro NY, TD Bank (Mirage News)

“CRF is honored to work alongside the City of New York and other mission-driven lenders to bring the NYC Future Fund to life. This initiative reflects what's possible when public and private partners align around a shared goal of expanding access to responsible capital for small businesses. By working together, we can help more entrepreneurs access the financing they need to grow, sustain their businesses, and continue driving economic vitality in neighborhoods across New York City.”

— Matthew Roth, President and CEO of CRF (Mirage News)

What’s next

The NYC Future Fund is now accepting applications from small businesses at nyc.gov/futurefund.

The takeaway

The revamped NYC Future Fund represents a concerted effort by the city to address longstanding disparities in access to affordable capital, particularly for immigrant, minority, and women-owned small businesses that have historically faced significant barriers. By lowering costs, expanding eligibility, and partnering with local CDFIs, the program aims to empower more entrepreneurs to grow their operations and strengthen the communities they serve.