New York City Mayor Eric Adams on Monday will announce a new partnership with Goldman Sachs Group Inc. and Mastercard Inc. that will create the largest public-private loan fund for small businesses in the city’s history.
The $75 million NYC Small Business Opportunity Fund will offer businesses loans ranging from $2,000 to $250,000 at a fixed below-market interest rate of 4%, regardless of the loan size. The program comes as many small businesses that struggled to stay open during the pandemic are still fighting to bounce back.
