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State launches $100 million loan fund for small businesses

State launches $100 million loan fund for small businesses

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Gov. Andrew Cuomo

Gov. Andrew M. Cuomo.

Gov. Andrew M. Cuomo on Friday announced the launch of a $100 million fund aimed at providing flexible and affordable loans to help small businesses, particularly minority- and women-owned small businesses that did not receive federal Covid-19 assistance.

The state will take a targeted approach in distributing monies from the New York Forward Loan Fund, according to Cuomo.

The focus will be on businesses with 20 or fewer employees and less than $3 million in gross revenues, the governor said.

Businesses that are interested in receiving a loan should visit online at esd.ny.gov/nyforwardloans.

Cuomo also announced the launch of a new pilot program involving 52 independent pharmacies that will be engaged to conduct 7,000 coronavirus tests per week. There are now more than 750 testing sites across the state, according to the governor.

He encouraged eligible state residents to visit online at coronavirus.health.ny.gov to find a nearby site to get tested.

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