COMMUNITY PROFILE OF NEEDS
The COVID-19 pandemic has disproportionately impacted the city's poor, minority, and immigrant communities. Many Minority and Woman-owned small businesses- the core of most immigrant communities - are unable to access federal Paycheck Protection Program loans and grants and 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 of new immigrant and arrivals to New York City, Rise Now has launched the New Beginning Loan Fund to lend $2,500 to $3,000 to them to purchase UL-certified e-bikes so they can work as delivery workers to earn income for their livelihood.
Community Case 2
Community Case 1
Community Case 1
$10,000 loan to a Chinese American woman-owned 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 restaurant damaged by a fire while owner awaiting $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 services and aggregator to hire program consultant to develop a multisided online platform so it can bring on additional restaurant partners to list their menus on the app as well as to increase its brand and marketing reach to increase customers.