Mayor Zohran Kwame Mamdani, Deputy Mayor Julie Su, and Department of Small Business Services (SBS) Commissioner Kenny Minaya launched an expanded version of the NYC Future Fund on March 18, 2026 — an $80 million revenue-based loan fund that gives small businesses access to financing that adjusts with their cash flow instead of demanding fixed monthly payments. If you own a seasonal business, a growing business that hasn’t hit bank-loan benchmarks, or a storefront that’s been turned down because your tax returns are short, this is the program designed for you.
It is also one of the most accessible loan products NYC has ever offered. Below is what you need to know to decide whether to apply, and how to apply correctly the first time.
Who This Helps
Small business owners with at least 12 months of operating history, at least one filed tax return, and roughly $50,000 or more in historical or projected annual revenue. The structure especially favors restaurants, retail, beauty and personal services, repair shops, food trucks, and other businesses with seasonal or fluctuating income — because the repayment formula scales with what you actually earn.
What the NYC Future Fund Actually Offers
According to the official program page at nyc-business.nyc.gov and the Mayor’s Office announcement, the fund offers:
- Loan amounts: $25,000 to $500,000.
- Interest rate: 7.5 percent annual.
- Repayment: Revenue-based. Monthly repayment can be as low as 2 percent of monthly revenue depending on loan size and business need. In a slow month you pay less; in a strong month you pay more.
- Use of funds: Working capital, inventory, marketing, hiring, materials, small equipment, and refinancing existing higher-cost debt.
- Lender network: Multiple participating CDFIs and mission-driven lenders, not banks.
The City committed an initial $10 million when the fund was first announced; the March 2026 expansion brought the total commitment to $80 million.
Eligibility Checklist
- Located in one of the five boroughs.
- At least 12 months in business.
- At least one year of filed tax returns.
- $50,000 or more in historical or projected annual revenue.
- Owner is at least 18 years old.
The program is intentionally designed to reach businesses that get turned away by traditional banks — that means a less-than-perfect credit score is not automatically disqualifying.
How to Take Action
Step 1: Complete the prequalification questionnaire
Go to nyc-business.nyc.gov/nycbusiness/business-services/financial-assistance/nyc-future-fund and click “Get Started.” The questionnaire takes about 10 minutes. If your business looks like a fit, you’ll be matched with a participating CDFI lender.
Step 2: Talk to a free SBS business counselor first
Before you submit anything, call the NYC Department of Small Business Services at 888-SBS-4NYC (888-727-4692), Monday through Friday, 9 a.m. to 5 p.m. Ask for “NYC Future Fund.” A counselor will help you prep your documents and increase your odds of approval at no cost. SBS also runs in-person help at NYC Business Solutions Centers in every borough — locations at nyc-business.nyc.gov/nycbusiness/locations.
Step 3: Have these documents ready
- At least one year of business tax returns.
- Most recent 6 to 12 months of business bank statements.
- A simple revenue projection for the next 12 months.
- Government-issued ID and proof of NYC business address.
- A short written use-of-funds plan — what you’ll spend the loan on and what you expect it to do for revenue.
Step 4: Submit through the participating lender, not directly to NYC
The City does not underwrite the loan itself — the lender does. The Future Fund routes you to the lender best matched to your business. The lender’s underwriting decision determines approval, terms, and timing.
How NYC Future Fund Compares to Other Open Programs
Future Fund is one of three federally and locally backed financing options open to NYC small businesses right now:
- NYC Future Fund — Revenue-based loans, $25K–$500K, 7.5% APR. For established small businesses with at least one year of revenue.
- State Small Business Credit Initiative (SSBCI) — Federally funded program administered by Empire State Development with more than $500 million committed for NY State. Multiple loan products, including some for very early-stage businesses. Details at esd.ny.gov/ssbci.
- SBS Customized Training Grant — Reimburses up to 60 percent of employee training costs. Better described as a workforce subsidy than a loan. Details at nyc-business.nyc.gov.
An SBS counselor can walk you through which combination is right for your situation — and yes, businesses can stack multiple programs.
Frequently Asked Questions
What is a revenue-based loan?
Instead of a fixed monthly payment, you pay a percentage of your monthly revenue. If you bring in less, you pay less. If you bring in more, you pay more. The total payback is a fixed multiple of the loan, and the timeline flexes with your cash flow.
Will applying to NYC Future Fund hurt my credit score?
The prequalification questionnaire on nyc-business.nyc.gov is a soft inquiry. A formal credit check happens only after a participating lender reviews your full application.
How fast does funding arrive?
Underwriting timelines depend on the participating lender. Typical CDFI underwriting runs from a few weeks to about 60 days from completed application to disbursement. Having clean tax returns and bank statements ready is the single biggest accelerator.
Can a sole proprietor or LLC apply?
Yes. Sole proprietors, LLCs, partnerships, S-corps, and C-corps are all eligible if they meet the operating-history and revenue thresholds.
Sources: NYC Mayor’s Office announcement (March 18, 2026); NYC Business Solutions NYC Future Fund program page; NYC Department of Small Business Services. This is general information, not legal or financial advice. Consult a qualified business advisor or attorney before signing any loan agreement.
