NYC Pauses Small Business Loan Program After Unexpected Influx of Applications
- Since debuting on Jan. 23 over 10,000 business owners applied
- City did not anticipate such strong interest from businesses
Subba Lama, owner of a Bubble tea shop in Queens, New York, was approved for a $50,000 five-year, below-market interest rate loan from a new city program that will help him pay for much-needed equipment, repairs and maintenance.
The Nepali immigrant, who has lived in the US since 1999, is one of the fortunate loan recipients of the grant before the small business program stalls. Just under a month of its launch, New York City said Monday it is pausing the program due to an unanticipated influx of applications.