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Mamdani eases small business loans in NYC
It allows small businesses to avail loans at interest rates from 2 percent of revenue per month.
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Jeffin T. Kaleekal - Wed, 18, Mar 2026
- 04:33 EDT
- 16
NYC Mayor Zohran Mamdani / Wikimedia commons
In a significant backing of his pro-small business campaign stance, New York City Mayor Zohran Mamdani has announced a loan program for seasonal and growing small businesses.
Mamdani invited applications from small businesses under the revamped NYC Future Fund, offering financing to help them “access the capital they need to grow and navigate changes in the market,” according to an official notification by the NYC administration.
The program will provide revenue-based loans ranging from $25,000 to $500,000 at a 7.5 percent annual interest rate. The principal repayment terms are designed to adjust based on business revenue, offering greater flexibility in managing cash flow so that small businesses may focus on growth.
ALSO READ: Mamdani establishes NYC’s first office for LGBTQIA+ affairs
Talking about the update, Mamdani posted a video with the commissioner of the NYC Small Business Service, Kenny Minaya, saying, “Small businesses are the staples of our communities. Together, they keep our city running, and without them, our city wouldn’t survive.”
Highlighting the financial struggles faced by small businesses, especially seasonal shops, the duo noted, “New York City needs to do everything in its power to make sure that small businesses succeed. That’s why we’re excited to announce that applications are once again open for the NYC Future Fund.”
Mamdani’s revamped program slashed the minimum loan amount to $25,000 from the previous minimum of $100,000. Additionally, he cut interest rates from 9 percent to 7.5 percent.
Monthly repayment rates were also reworked to range from 2 to 9.5 percent of revenue, compared with a previous flat rate of 9.5 percent. The program also lowered the minimum annual revenue requirement for eligible businesses from $300,000 to $50,000.
Mamdani also emphasized the value brought by small businesses and noted, “Whether you’re serving up the finest homemade sancocho in the five boroughs, or you’re the bike shop that’s always there for the neighborhood, small businesses are the beating heart of our city’s culture.”
He continued, “So apply for the NYC Future Fund. It’s here for your small business with big dreams.”
The loans will be provided by participating lenders, including Community Reinvestment Fund (CRF), Accompany Capital, Grow America and Pursuit. Applications are available at nyc.gov/futurefund.
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Send this to a small business who deserves all the funds.
— Mayor Zohran Kwame Mamdani (@NYCMayor) March 17, 2026
Applications are open for the NYC Future Fund: a loan program with affordable, flexible financing for seasonal and growing small businesses.
Apply now at https://t.co/x5lhcpN4Q9 pic.twitter.com/N2jIOZoXHc
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