New York Forward Loan Fund Insights

More than 25 Community Development Financial Institutions (CDFIs) came together during the pandemic to build recovery programs that expanded access to credit for un- and under-banked small businesses.

50%

of fund recipients were BIPOC-owned businesses

84%

of respondents have been in business at least 3 years

52%

had revenues less than $250k

These loan programs programs were built to strengthen and grow CDFIs, which acted as critical economic first responders throughout the last two years.

“[The New York Forward Loan Fund] gave us the ability to keep moving forward. For that, we’re thankful.

– Loan Recipient

We at 60 Decibels evaluated the impact of expanding access to credit during periods of economic hardship by speaking directly with the small businesses that were affected by COVID. We studied how access to credit contributes to income creation and wealth building for entrepreneurs, particularly businesses owned by women and under-represented racial and ethnic groups.


By hearing directly from small business owners about their experience and outlook, banks, investors, and policymakers can be responsive and supportive in preserving businesses and jobs.

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