COMMUNITY PROFILE OF NEEDS
The COVID-19 pandemic affected specific communities in New York City, primarily those who are low-income and have fewer resources or ability to respond. Many small businesses at the core of our vibrant communities cannot access federal Paycheck Protection Program loans and grants and, thus, are closed or closing by the hundreds.
Working with government agencies, corporations, and foundations, RISE NOW INC. has launched a post-COVID Small Business Recovery Loan Fund (PCSBR). The PCSBR Loan Fund offers small business emergency and micro-loans for working capital in conjunction with its development services, such as business planning and financial coaching.
Post COVID Small Business Recovery Loan Fund
Stories from the community
Community Case 1
Community Case 1
Community Case 1
In response to the recent increase in new arrivals to New York City and a consequent rise in app-based food delivery work, Rise Now has launched the New Beginning Loan Fund to lend $2,500 to $3,000 to prospective delivery drivers to purchase UL-certified e-bikes. This will facilitate employment in this industry and allow them to earn income as delivery workers.
Community Case 2
Community Case 1
Community Case 1
$10,000 loan to a community-based family childcare center to purchase additional equipment and educational materials to expand the center’s enrollment capacity. The City pays $850 per month for each additional child.
Community Case 3
Community Case 1
Community Case 3
$10,000 emergency loan to rebuild a restaurant damaged by a fire while the owner was awaiting a $100,000 renovation loan from another financial institution. Rise Now’s loan allows the owner to retain an architect to file plans and pay filing fees to begin the renovation process. The restaurant has been operating in the neighborhood for over 25 years.
Community Case 4
Community Case 1
Community Case 3
$12,000 to a local food delivery service and aggregator to hire a program consultant to develop a multisided online platform to bring on additional restaurant partners to list their menus on the app and increase its brand and marketing reach to increase customers.