Loan Criteria

Eligible for-profit and nonprofit businesses must meet all the following requirements for a UMEZ Hybrid Microloan:  

• Be a New York State business (corporation, partnership, LLC) or nonprofit (501(c)(3)).

• Applicant must have a physical space with a commercial lease (no virtual-only business) in upper Manhattan from which the business operates.

• Be located in Upper Manhattan, which for the purposes of the UMEZ Hybrid Microloan Program is defined as north of 110th Street on the west side of Fifth Avenue and north of 98th Street on the east side of Fifth Avenue in New York City. 

• Not have a current loan or grant associated with UMEZ or BRISC.     

• Be a small business or nonprofit with no more than 20 FTE employees.

• Have gross revenue/operating budget of more than $100,000 per year.

• Have been in operation for at least twenty-four (24) months as of the date of the application. 

• Applicant must be current in their rent or have a rent arrearage agreement in good standings with the landlord.

• Applicant must not be publicly traded

• Any individual who owns more than 20% of the business must have a credit score above 580.

• Must not have liens or judgments against the borrowing entity or owners.

• Small businesses: must not be a landlord, branch bank, payday loan store, pawnshop, astrology or palm-reading service, liquor store, involved in adult entertainment or gambling, night club, massage parlor, track wagering facility, trailer-storage yard, or marijuana dispensary. 

• Nonprofits: must not be a social club, religious institution, or school, college, or university (public or private). 

UMEZ encourages the following small businesses to apply:

• Majority Black-owned

• Majority Latino-owned

• Majority woman-owned

• Owned by an underrepresented individual (other than Black or Latino) 

Investment Guidelines

• Loan size: Up to $50,000

• Pricing: 3% 

• Loan term: 60 months (5 years) 

• Uses: Working capital (see restrictions in Program Guidelines)

• Key requirements:

  • Existing storefront business with at least 2 years of operations (no home-based businesses or virtual businesses)

  • Personal guaranty

  • Positive business operating income

  • No tax liens or judgments against the business entity or owners

  • Must be located in Upper Manhattan

1. Submit Application

2. Application Review

3. Interview with UMEZ Staff

4. Approval

5. Closing

6. Loan Funds Disbursed