Assemblyman William Colton (D – Gravesend, Bensonhurst, Bath Beach, and Dyker Heights) is saying that Governor Cuomo has announced launching a $100 million New York Forward Loan Fund to provide help for small businesses which mostly will be focusing on minority and women-owned small businesses, who did not receive any federal COVID-19 crisis assistance.

"A substantial number of small businesses has suffered during the COVID-19 crisis especially when Governor Cuomo announced that all non-essential businesses must close. Our government should provide help for small businesses and it must be their high priority. I strongly support Governor Cuomo in launching a $100 million NY Forward Loan Fund, which will significantly help small businesses and at the same time improve our economy," Colton said.

"I believe that the state is taking a great approach in giving out these loans and that it mainly will be focusing on businesses with 20 or fewer employees and less than $3 million in gross revenue. The New York Forward Loan Fund is specifically designed to support businesses and organizations as they start to reopen and have upfront expenses. All applications will be reviewed on a regular basis and priority will be given to the industries and regions that have been reopened. Pre-applications for the New York Forward Loan Fund are open now and anyone who's interested in receiving a loan should visit: esd.ny.gov/nyforwardloans," Colton added.

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