Mayor Zohran Mamdani, Deputy Mayor for Economic Justice Julie Su, and Department of Small Business Services Commissioner Kenny Minaya announced the citywide relaunch of the NYC Future Fund on Tuesday, expanding access to affordable financing for small businesses across the five boroughs. The program, originally piloted under the Eric Adams administration, aims to better serve immigrant-, minority-, women-, and seasonal business owners who have historically faced barriers to capital.
The revamped Future Fund increases its total funding to $80 million, up from a $10 million pilot that distributed just $1.2 million to four businesses. Officials highlighted several changes designed to make financing more accessible. Minimum loan amounts have been reduced from $100,500 to $25,000, and the minimum annual revenue requirement has been lowered from $300,000 to $50,000. Interest rates are now 7.5 percent, down from nine percent, and monthly repayment rates have been adjusted from a flat 9.5 percent of revenue to as low as two percent, depending on the loan size and business needs.
“Small businesses are the backbone of New York City’s economy and the heart of our neighborhoods,” Mamdani remarked. “By lowering costs and expanding access, we are making sure small-business owners across the five boroughs have the tools they need to grow and strengthen the communities they serve.”
Julie Su noted, “The NYC Future Fund shows what government can do when it listens to small businesses and acts on what it hears.” Commissioner Minaya connected the program to the city’s broader affordability agenda, observing that the fund “expands access to capital at a time when the affordability crisis is putting real strain on entrepreneurs.”
The Future Fund operates as a public-private partnership with Community Development Financial Institutions including Community Reinvestment Fund, Accompany Capital, Grow America, and Pursuit. Applications are now open at nyc.gov/futurefund, and city officials are conducting a targeted outreach campaign to reach businesses that may benefit most from the program.
