New York State Small Business Revolving Loan Fund Round 2
ESD provides SSBCI loan capital to Community Based Lending Organizations, mostly CDFIs, which combine it with their own matching capital to make microloans and larger small business loans. ESD's share of any loan is capped at the lesser of 50 percent of principal or $125,000. Lenders set rates and terms, make the credit decisions and are the borrower's point of contact.
- Agency
- Empire State Development
- Last reviewed
Key terms
Borrower eligibility
- Business must be resident in and authorized to operate in New York State, independently owned and operated, not dominant in its field, and have 100 or fewer full-time employees.esd.ny.gov
- Eligible uses: working capital, acquisition or improvement of real property (not passive investment), machinery and equipment, and refinancing in some cases.esd.ny.gov
- Ineligible: relocation out of New York or between municipalities (with limited exceptions), newspapers and media, medical facilities, speculative activity, pyramid schemes, illegal activity and passive real estate investment.esd.ny.gov
Lender requirements
What a lender must be or do to make these loans.
- Program loans are made through Community Based Lending Organizations (CBLOs) that have received ESD funds; ESD lists the current program lenders and their service areas on the program page.esd.ny.gov
- Program lenders use the ESD capital together with matching capital from other sources.esd.ny.gov
- Under federal SSBCI rules the lender gives the state assurances that the supported loan is not made to move the lender's prior uncovered debt into the program, is not a refinancing of the lender's or an affiliate's own earlier loan (except as the refinancing rules allow), and that no principal of the lender has been convicted of a sex offense against a minor.home.treasury.gov
- Under federal SSBCI rules the lender must obtain an assurance from the borrower that no principal of the borrowing business has been convicted of a sex offense against a minor.home.treasury.gov
Underwriting requirements
What the credit file has to show.
- Each program lender runs its own application process and makes the credit decision.esd.ny.gov
- Under federal SSBCI rules, refinancing debt originally made by an unaffiliated lender is allowed only if the new amount is at least 150 percent of the previous outstanding balance, the fee-adjusted APR falls by 30 percent, and proceeds do not fund an extraordinary dividend or distribution.home.treasury.gov
Governing documents
The rules a file is held to, with the version in force.
- Program pageTreasury SSBCI Capital Program Summaries: New YorkVersion Program information updated March 2026home.treasury.gov
- GuideSSBCI Capital Program Policy Guidelines (U.S. Treasury)Version November 2021home.treasury.gov
- GuideSSBCI Frequently Asked Questions (U.S. Treasury)Version Updated November 10, 2026home.treasury.gov
What changed
Published changes to this program, newest first.
- Guide
Treasury publishes SSBCI post-program FAQs
Treasury's authority to run the SSBCI Capital Program ends on March 11, 2028. SSBCI money already sent to a state stays with the state after that date, and from then on a state may end a program, add one, change its scope or move funds between programs without Treasury approval. States may submit material modification requests to Treasury until September 30, 2027.
What to do: Expect the state to be free to change or close this program after March 11, 2028. Confirm the current terms with the program office before relying on them for loans that will be enrolled or claimed after that date.
- Guide
Treasury sets the final SSBCI disbursement deadlines
Treasury cannot transfer SSBCI Capital Program funds to states after March 11, 2028, and states must submit final disbursement requests by December 31, 2027. Treasury expects to terminate a state's second and third tranches if, within three years of its allocation agreement, the state has not used at least 80 percent of its first tranche and asked for the next disbursement.
What to do: Program capacity beyond the tranches the state has already received depends on the state meeting these deadlines. Check with the program office that funds are available before committing a borrower to an SSBCI-supported structure.
How to participate
ESD does not publish an open call for new lenders on the program page, which says additional lenders will be announced. A CDFI or community lender interested in becoming a program lender should contact ESD at SBRLF@esd.ny.gov, the contact Treasury lists for the program. Borrowers apply directly to a listed program lender.
Last reviewed Nov 13, 2026. A summary of official sources, linked beside each fact, kept current by Kita each week. Program rules change: confirm against the current source before you rely on a figure. Not legal advice. Spotted something out of date? Email hello@kita.ai.
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Tests the file against NYS SBRLF II requirements and flags what is missing before it reaches review.
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