Thank you for your interest in applying for a loan from the HFLS Bank Leumi Small Business Loan Fund. Please read the following eligibility and program information thoroughly as it will impact whether you receive a loan.

These loans are intended to help entrepreneurs launch or expand a small business or to assist businesses impacted by COVID-19. The loans are interest-free and require no application fee, origination fee, or collateral.

Borrowers will repay these loans in equal installments over 24-36 months, and modifications will be available if needed. There is a three-month grace period before repayments begin.

To qualify for a loan, a applicant must:

• Be a for-profit, small business (including brick and mortar businesses, e-commerce and independent contractors) 
  
  
• Be at least 18 years of age
  
  
• Reside in New York City’s five boroughs, Long Island, or Westchester, NY
  
  
• Have good credit, with a minimum credit score of 650 and a history of responsibly meeting debt obligations
  
  
• Have made on-time rent payments from April 2019 to March 2020 (not applicable for independent contractors or small businesses that do not pay rent)
  
  
• Have year-to-date pre-tax household income for the 2020 calendar year at or below the specific income limits noted in the income eligibility chart.  Any applicant whose household income exceeds this amount but has significant need for an interest free loan, should contact HFLS at 212-692-9023 or biz@hfls.org to discuss specific circumstances.  Other eligible criteria may be determines by HFLS. 
   
• Priority will be given to women and minority entrepreneurs and enterprises in historically undeserved communities.

 Loan amounts are up to $20K.  All Loan requests will be presented to HFLS's Small Business Loan Committee, which will decide whether a loan is approved or not, the loan amount, and the repayment term. 

1. Applicants must complete and e-sign the application on the subsequent pages, which includes basic questions about their business and an authorization to obtain a credit report. Applicants and their spouses must agree to HFLS reviewing their credit report in order to qualify for a loan. Submission of this application and credit authorization does NOT guarantee loan approval.

2. After submitting an application you will receive an email informing you of next steps, the most important of which is verification of your e-signature. An email from BIZ@HFLS.org will request that you click a link to verify your signature; you must do this to complete your application.

3. Within two business days of submitting a complete application and e-signature verification, an HFLS staff member will notify you via email regarding whether you are eligible for an HFLS Loan. If you are eligible, the email you receive will contain information about next steps, including scheduling a 20-30 minute phone or video (Zoom) loan interview.

4. After the interview, the Program Director will present your loan request to the program's loan committee for review. If they approve your loan request, you will be emailed documents which need to be signed electronically by you and your spouse (if you are married).

If you have any questions or technical problems while completing or submitting this application, please contact BIZ@HFLS.org.