The Social Justice Fund, The Asian American Foundation (TAAF), Renaissance Economic Development Corporation (Renaissance), and the State of New York unveiled the NYC Elevating Business Loan Program, a $5.5 million initiative to help small businesses remain strong, competitive, and positioned for long-term growth. Through affordable loans, free financial counseling, and multilingual training services, this groundbreaking program builds on the Social Justice Fund’s capital strategy and represents a coordinated partnership with TAAF, Renaissance, and the State of New York—made possible in part through State Small Business Credit Initiative (SSBCI) funding from Empire State Development—to expand access to affordable capital across the five boroughs. 

More than 180,000 small businesses power New York City and employ around one million workers. Yet according to TAAF’s research, too many entrepreneurs struggle to access the capital needed to maintain or expand their operations due to cumbersome application processes, high borrowing costs, language barriers, and limited awareness of available funding sources.To address these challenges, the NYC Elevating Business Loan Program will offer loans of up to $100,000, which small business owners can use to manage cash flow, buy equipment, improve storefronts, and more. 

Businesses in the five boroughs of NYC are eligible to apply, and those based in Brooklyn will be eligible for affordable capital thanks to the Social Justice Fund’s investment in the program, reflecting its longstanding commitment to supporting entrepreneurs in Brooklyn and across the city. The program will be operated by Renaissance, a U.S. Treasury-certified Community Development Financial Institution (CDFI) and affiliate of Asian Americans for Equality (AAFE), which has supported under-resourced entrepreneurs since 1997. Small business owners interested in applying can visit https://www.renaissancesbs.org/loan-program/nyc-elevating-business-loan-program, email info@renaissancesbs.org, or call 212-964-6022. Assistance will be available in English, Chinese, Korean, and Spanish, and applicants may access no-cost business counseling, financial analysis, and application support. 

Led by an initial investment of $1 million from the Social Justice Fund and $500,000 from The Asian American Foundation, the fund catalyzed an additional $4 million in lending capital through Empire State Development, New York’s chief economic development agency. 

This represents one of the Social Justice Fund’s largest commitments to small business support to date and builds on its ongoing strategy of deploying loans and grants to address persistent access-to-capital challenges. Since launching its post-pandemic loan program, the Fund has provided loans, equity investments, and grants to help entrepreneurs grow and adapt in changing economic conditions. 

The investment marks the first major action under The Asian American Foundation’s new “TAAF Cities: NYC” initiative, which aims to spur cross-sector investments and develop innovative solutions that promote economic opportunity, safety, and cultural pride in neighborhoods where the city’s vibrant Asian American and Pacific Islander (AAPI) communities reside. This initiative is also made possible through the generous commitment of TAAF’s partner, Cummins Inc.