Honeycomb Credit has created a Small Business Relief Loan Program for small businesses impacted by the COVID-19 pandemic. The Program offers two loan options for eligible small businesses.
– Option 1: offers loans of $10,000- $50,000, with a 45-day payment-free period, 3.75% interest rate over the initial 6-month period, and 5% interest rate over a 3-year fully amortizing loan period (after the initial six months).
– Option 2: offers loans of $10,000-$25,000 with a 45-day payment-free period, 3.75% interest rate over the initial 6-month period, and 7.5% interest rate over a 3-year fully amortizing loan period (after the initial six months).
– If you do not qualify for either of these options (or require more than $50,000), you can fill out their application and see how they can help you out.
For more information about this Program and to apply click here.
The Hebrew Free Loan Society has created the Coronavirus Financial Impact Loan, which offers interest-free loans of $2,000-$5,000 to New York City residents meeting eligibility requirements. The loans will be repaid over a 20-month period
starting in July 2020.
Eligible small business owners:
- Reside in New York City, Westchester, or Long Island
- Meet certain income limits established by the Hebrew
Free Loan Society
For more information about this loan program, click here.
Kiva is offering interest-free loans of up to $15,000 to small businesses meeting eligibility requirements. Loan payments can be deferred for up to 6 months.
Small business owners are eligible for the Kiva Loan if:
- The business owner and the business are located in the
U.S.; The business owner is over the age of 18;
- The loan will be used for business purposes;
- The business is not engaged in multi-level marketing or direct sales, illegal activities, or purely financial investing;
- The business owner is not in foreclosure or bankruptcy; and
- The business owner is willing to demonstrate social capital
by having a small number of family and friends make a loan to him or her.
More information about the Kiva Interest-Free Loan can
be found here.
Apply for the Kiva InterestFree Loan here.
FundRocket is offering small businesses interestfree loans in the amount of $1,000, which may be used to cover any of the business’s expenses. Money will be made available immediately after sign-up, and typically will be deposited into your business bank account within 1 day. Repayment of the loan will vary depending on the business’s sales. If the business has no sales in a given week, it will not be required to pay anything for that week. If the business does make sales during a given week, FundRocket will automatically begin withdrawing 10% of the sales (up to $100) starting two weeks after the initial $1,000 is deposited into your business bank account, until the loan is repaid in full.
Any U.S. business with a business bank account is eligible to apply.
More information about the FundRocket Stimulus 2020 Loan can be found here.
Apply for a FundRocket Stimulus 2020 Loan here (note: you will need to create a Womply account in order to apply, and you will need to connect that account to your business bank account in order to receive the funds).
The Bronx Overall Economic Development Corporation (BOEDC) and the Office of the Bronx Borough President has established the Bronx Business Continuity Loan (BBCL) to help sustain businesses through the Covid19 pandemic. The use of these funds will provide local emergency business financing and bridge loan funding until government contingency financing is in place.
For-profit entities, including service, retail and manufacturing companies operating in the Bronx and nonprofit organizations in the Bronx.
– Payroll expense
– Commercial Mortgage / Rent
– Equipment lease options
– Insurance premium expense
– Misc. business discontinuance expense