NYC Comptroller’s Office Announces Partnership with the Hebrew Free Loan Society to Expand Access to Zero-Interest Loans for Small Businesses

New York, NY– The New York City Comptroller’s Office today announced a new partnership with  Hebrew Free Loan Society (HFLS) to expand access to zero-interest loans for small businesses across the five boroughs—providing critical support for neighborhood entrepreneurs who continue to face barriers to affordable capital. 

Hebrew Free Loan Society is one of New York City’s oldest nonprofit lenders, founded in 1892 to provide interest-free loans to New Yorkers in need of access to safe capital. Today, HFLS, a nonsectarian organization, supports small businesses and entrepreneurs of all backgrounds, regardless of religion, race, ethnicity, or immigration status, by offering affordable, no-interest loans that help owners start, sustain, and grow their businesses across the five boroughs.   

Through this initiative, HFLS has committed to making $8 million in interest-free loans available citywide to qualifying low- and moderate-income entrepreneurs and small businesses in New York City. Eligible entrepreneurs will be able to access loans of up to $60,000 at zero-interest, offering a vital alternative to high-interest debt and predatory lending that too often burden small business owners seeking to expand, hire, or stabilize operations. This marks the largest allocation HFLS has ever dedicated to small business lending in a single year. As part of this partnership, HFLS will prioritize businesses located in neighborhoods with high storefront vacancy rates and historically marginalized areas.  

“Since my days leading a credit union in Washington Heights, I’ve seen the power and lasting economic and social impact that providing access to capital can have on a business and a community. This incredible partnership between my office and the Hebrew Free Loan Society will deliver $8 million in interest-free support to small businesses of all kinds across the city,” said City Comptroller Mark Levine. “The positive return on investment these loans will have for our entire economy is overwhelmingly evident. I encourage any eligible small business looking to establish, sustain or grow their footprint in New York City to apply for these loans.”  

“We know how hard it can be for lower-income entrepreneurs to find capital to start or expand a business. For more than a century, the Hebrew Free Loan Society has been a source of opportunity for New Yorkers pursuing the dream of business ownership, and we are proud to partner with Comptroller Levine’s office to ensure that hundreds more small businesses will secure the funding they need to play their part in building New York City’s diverse and dynamic economy,” said Rabbi David Rosenn, President and CEO of the Hebrew Free Loan Society. “Small businesses are the lifeblood of every neighborhood in New York City, and with credit tight and interest rates high, we’re proud to offer an interest-free option designed to meet the needs of mom and pop small businesses in every borough.” 

This partnership builds on a successful model and partnership first advanced by Comptroller Mark Levine during his tenure as Manhattan Borough President, when that office partnered with HFLS to broaden access to affordable capital for local businesses underserved by traditional financial institutions.  

Small businesses are a major economic driver for the Big Apple’s communities, providing jobs, economic activity, and revenue, while enlivening commercial corridors. But entrepreneurs without generational wealth, traditional collateral, or longstanding banking relationships continue to face persistent structural barriers in accessing affordable financing. 

The HFLS lending model has long supported minority- and women-owned businesses, immigrant entrepreneurs, and community-based establishments throughout New York City. By offering interest-free loans and pairing financing with relationship-based support, HFLS has helped businesses expand operations, purchase equipment, hire staff, manage cash flow, and weather periods of uncertainty. 

For more information about interest-free loans for NYC small businesses and how to apply, visit HFLS.org/small-business. 

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