Expanding Access to Capital for New York City Small Businesses
The NYC Comptroller's Office and Hebrew Free Loan Society are partnering to provide up to $60,000 in interest-free financing for small business owners across all five boroughs.
Photo credit: Ayman Siam/Office of the NYC Comptroller
Access to Capital Shouldn't Be This Hard
Small businesses are the backbone of New York City’s neighborhoods, commercial corridors, and local economies. Yet for too many, particularly minority-owned, women-owned, immigrant-owned, and first-generation-owned small businesses, significant barriers restrict access to affordable capital.
- High-interest debt limits growth and profitability
- Predatory lending drains business resources
- Structural inequities persist in banking access
Photo credit: Ayman Siam/Office of the NYC Comptroller
Our Partnership Changes That
To help close that gap, the Office of the New York City Comptroller is partnering with the Hebrew Free Loan Society (HFLS) to expand access to zero-interest loans for small businesses across all five boroughs. This initiative commits $8 million in interest-free loans up to $60,000 for qualifying low- and moderate-income entrepreneurs and small businesses in New York City.
Up to $60,000
Loans that help owners start, sustain, and grow their business.
Zero Interest
$8 million committed in interest-free loans.
Hands-On Support
Guidance that helps businesses expand and weather periods of uncertainty.
Background
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. Today, HFLS supports small businesses and entrepreneurs of all backgrounds by offering affordable, no-interest loans that help owners start, sustain, and grow their businesses across the five boroughs. These loans provide a critical alternative to high-interest debt and predatory lending that too often impede small business growth, hiring, and financial stability.
This partnership builds on a successful effort first launched by Comptroller Mark Levine when he served as Manhattan Borough President, expanding access to affordable and flexible lending for neighborhood businesses underserved by traditional financial institutions.
The Comptroller’s Office recognizes that small business development is economic development. Local businesses create jobs, strengthen communities, foster cultural identity, and generate wealth at the neighborhood level. Yet many entrepreneurs—especially those without generational wealth, collateral, or longstanding banking relationships—continue to face structural barriers to capital.
HFLS has long played a critical role in addressing these inequities. Since launching their Small Business Loan program in 2005, HFLS has provided more than $39.5 million in loans to over 1,000 entrepreneurs across New York City. By offering interest-free loans and hands-on support, HFLS has helped local businesses expand, purchase equipment, hire staff, manage cash flow, and weather periods of uncertainty. Small businesses that previously received HFLS loans reflect the resilience, diversity, and entrepreneurial spirit that defines New York City, and demonstrate the lasting impact flexible, responsible capital can make.
As small businesses continue to navigate rising costs and shifting economic conditions, partnerships like this one are increasingly vital.
Photo credit: Ayman Siam/Office of the NYC Comptroller
Ready to Apply?
For more information, including eligibility criteria and how to apply: