Small Business Loan

Two guarantors are required for all loans, and both guarantors must complete and sign Guarantor Forms. A married couple is considered one guarantor. If a guarantor is married, his or her spouse must also complete and sign the Guarantor Form.  

Each guarantor is “jointly” and “severally” liable for the loan in the event you are unable to pay for any reason. This means that, while HFLS would expect each guarantor to share equally in the responsibility of repaying the loan, each is liable legally for the full amount, and any one guarantor could be called upon to repay the balance due.

The documents below are required for a Small Business Loan. Once you have completed or collected all the documents below, please email them to Microenterprise Program Director, Shlomo Haft at [email protected].

From the borrower:

• Small Business Loan Application, completed and signed by the borrower (and their spouse, if they are married). (Download the Application Form at the bottom of this page.)
• Household Budget Worksheet
• Copies of government-issued photo IDs that include signatures and serve as proof of address for the borrower and their spouse (e.g. driver’s license). If the driver’s license does not include the borrower’s current address, HFLS will require proof of residency (e.g. a utility bill or account statement).
• Voided check for the borrower’s checking account.
• Corporate By-Laws

From the guarantors (guarantors may choose to send these documents directly to HFLS):

• Guarantor Forms, completed and signed by the guarantors and their spouses, if they are married. (Download the Guarantor Forms at the bottom of this page.)
• Copies of government-issued photo IDs that include signatures for the guarantors and their spouses, if they are married (e.g. driver’s license or U.S. passport).

Failure to submit these documents will delay the processing of your application. 

 After you submit the documents above, Shlomo will review them and contact you regarding whether HFLS is able to proceed with your loan request. If HFLS is able to proceed with your request, Shlomo will provide information about scheduling a meeting with the NYC Department of Small Business Services (SBS) to prepare your business financials. SBS will advise you of the documentation required for that meeting.

HFLS’s Microenterprise Committee reviews and decides on loan requests once monthly. If the Committee has questions about your application or guarantors, you may receive a call or email from the Microenterprise Program Director or a Loan Officer asking for further information before the Committee will make its decision.

You will receive information within one business day after the committee meets to review your loan request. The Committee, in its discretion, may decline to make a loan, make a loan in an amount less than that requested, or require different or additional guarantors.