Interest Rate Reduction Grant

The Interest Rate Reduction Grant will help reduce the interest expense owed on an existing loan with select Community Development Financial Institutions (CDFI). CDFIs focus on serving businesses who cannot easily access capital and creating opportunities that positively impact the communities they serve. SBS has partnered with 11 CDFIs who work primarily with Asian, Black, Latinx, and immigrant business owners.

The grant will free up cash flow for your business that can be repurposed to help restart or maintain operations. Businesses must have an existing loan with CDFIs listed below and should contact their CDFI to confirm if they are eligible to apply.

Participating CDFIs

• Accompany Capital (previously Business Center for New Americans)
• Ascendus (previously Accion East)
• BOC Capital
• Bronx Overall Economic Development Corporation (BOEDC)
• Greater Jamaica Development Corporation (GJDC)
• Harlem Entrepreneurial Fund
• Pursuit
• Renaissance Economic Development Corporation
• TruFund Financial Services
• Upper Manhattan Empowerment Zone Development Corporation (UMEZ)
• Washington Heights and Inwood Development Corporation (WHIDC)
• The Working World DBA Seed Commons

If you need additional help identifying and applying for funding for your business, visit nyc.gov/financingassistance.