New resources and relief programs for New York Small Businesses

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September 29, 2021

Dear Friends,

September always brings a special energy to New York and particularly this year as businesses continue to reopen and New York starts to feel like New York again.

But the work of recovery isn't over yet and we continue to not only provide loans to businesses getting back on their feet, but also tap into some of the many critical re-opening resources provided by such diverse funders as the SBA and the CDFI Fund at the Treasury Department, as well as the generosity of Alphadyne Foundation and New York Mets owner and philanthropist Steven Cohen!

We are also continuing to provide webinars that will help small businesses navigate recovery program opportunities and relief resources for businesses impacted by Hurricane Ida. Scroll down to see our upcoming offerings.

Best regards,

Yanki Tshering

Our Commitment to Our Clients is Ongoing as New York Reopens

As we approach the 18-month mark of the pandemic, the Accompany Capital team remains in close communication with each of our clients to support them as they re-open and adapt to a new small business reality.

Our Lending Team deserves particular kudos, having risen to the challenge from Day 1, calling each and every client, determining what their situation and needs were, connecting them with resources, and working with each client to help them ready their businesses for reopening and recovery.

Between October 2020 and September 2021, our lending team supported small New York businesses with loans totaling $7,214,523 including a successful second round of 191 PPP loans totaling $4,572,823.

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A Special Evening at Citi Field Celebrating Queens Clients

We LOVED seeing four of our Queens clients on the Big Board at Citi Field last week as the valiant New York Mets took on the Cardinals in a squeaker of a game! Thanks so much to Mets owner Steve Cohen, who not only provided the tickets for us and our clients but also generously funded the Queens Small Business Grant Program, which helped so many of our Queens clients successfully re-open! A big thank you too to Queens Borough President Donovan Richards and the New York City Economic Development Corporation for a great evening and for supporting entrepreneurs in Queens. And thanks to NY State Senator Jessica Ramos for posing with the Accompany Capital Team! #GoMets

Funding Increased for SBA Covid EIDL Loans

Important updates and changes to the SBA's low-interest and long-term COVID EIDL program include:

An increase in the amount of funding that can be borrowed from $500,000 to $2 million for qualified applicants.
COVID EIDL funds can now be used to pay and prepay commercial debt and make payments on federal business debt in recognition of the financial reality many small businesses are facing during this crisis.
Payments have been further deferred: borrowers won’t need to start repaying the loans for two years after the loan origination date.

The SBA will continue to accept applications for the COVID EIDL program until December 31, or until funds run out.

To learn more about recent changes or to apply please click here.

Accompany Capital Awarded Funding by US Treasury’s CDFI Rapid Response Program

This June, the US Treasury awarded $1.25 billion in COVID-19 relief funds to 863 community development financial institutions (CDFIs) through its CDFI Fund’s Rapid Response Program. This generous – and much-needed funding – will be awarded in addition to the CDFI Fund’s annual grants in order to provide the necessary capital for CDFIs like Accompany Capital to respond quickly to the economic challenges created by the COVID-19 pandemic, particularly in underserved communities. The grants were formally announced by Vice President Kamala Harris with Treasury Secretary Janet Yellen at a White House press conference. We are very pleased that Accompany Capital received $1,826,265, which is the program’s highest level of funding, and which will increase our ability to help businesses in New York City keep their doors open.

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Accompany Capital Featured

We were very please that Opportunity Finance Network featured Accompany Capital client Andy Hong, owner of Optima Beauty, a beauty supply retailer in Jackson Heights, on their website feature #CDFIStories. In his profile, Andy explains why he chose Accompany Capital over mainstream lenders.

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Accompany Capital Webinars

SBA Hurricane IDA Disaster Assistance to Businesses

Wednesday, October 6th

2:00 – 3:00 PM EDT

Low-interest disaster loans from the U.S. Small Business Administration are available to businesses and residents in New York due to damage resulting from Hurricane Ida. The SBA is committed to providing federal disaster loans swiftly and efficiently, to help businesses and communities recover and rebuild.

Join Accompany Capital, SBA, and NY State Senator Jessica Ramos to learn how to apply for financial assistance during this informative webinar presented by Man-Li Lin, Economic Development Specialist at the U.S. Small Business Administration.

NYS Covid-19 Pandemic Small Business

Recovery Grant Program

Thursday, October 7th

11:00 AM-12:30 PM EDT

The NYS Covid-19 Pandemic Small Business Recovery Grant Program was created to provide flexible grant assistance to small businesses, micro-businesses, and for-profit independent arts and cultural organizations that have experienced economic hardship due to the Covid-19 pandemic.

In the webinar, you will learn:

Who can apply?
How much grant money can each business receive?
What documents are needed to apply?
How can the grant money be used?

Speakers:

Ahyoung Kim, Associate Director of Small Business Programs, Asian American Federation

Tsetan Dekyi, Coordinator of Operations, Queens Office, Accompany Capital

Language assistance will be available in Mandarin

Homebuyer Education

*This program will be online until further notice, accessible from any device 24 hours a day, 7 days a week

The New York City Department of Housing Preservation and Development's HomeFirst Down Payment Assistance Program provides qualified homebuyers with up to $40,000 toward the down payment or closing costs on a 1-4 family home, a condominium, or a cooperative in one of the five boroughs of New York City.

The following topics are covered: