Coronavirus Resources

Last week, the CDFI Coalition launched a rapid-response questionnaire to help NYS prepare for applications for disaster recovery funds from the US Small Business Administration. Thanks to all who responded.

In addition, we just updated our Coronavirus Resources page, with links to Federal, State and NYC sites.

We also surveyed more than 80 CDFIs in New York State to find out how the COVID-19 pandemic was affecting them and their communities. We shared some examples of how the crisis is playing out across the Empire State - from Westchester to the North Country to Buffalo. 

We urge you to take care of yourselves and your neighbors, and to watch your inbox for updates. The NYS CDFI Coalition is working to muster all the resources we can to help our members across New York State, and we thank you for your support.

NYS Budget Update

Even though the Capitol's Senate and Assembly Chambers are nearly empty, New York's lawmakers continue to hammer out the details of a spending plan. 

At last report, the $400,000 revolving loan fund for CDFIs was still part of the package, but we've had no word on $25 million in new funding (over 5 years). 

CDFIs are helping New Yorkers ride out this crisis, and will be there to help our communities rebuild. We continue to advocate in Albany for the support we need to do so.

NYS Truth in Lending Act - Still Needs Support

All eyes may be on the Budget, but we're also watching legislation that will help small businesses recover once the COVID-19 pandemic is over.

The Responsible Business Lending Coalition (RBLC) recently endorsed A10118 and thanked Assemblyman Ken Zebrowski (D-Rockland County) for his support of New York small businesses. This legislation will bring common-sense transparency standards to small business financing in the State of New York at a time when it’s needed most. The companion bill in the New York State Senate S0547A is sponsored by Senator Kevin Thomas (D-Nassau County.)

We've posted an update on our website with a link to the full announcement from the RBLC.

Click here to endorse the NYS Small Business Truth in Lending Act.