WHIDC’s toolbox to help retain small businesses and jobs in Upper Manhattan just got larger. As an Upper Manhattan Empowerment Zone (UMEZ) partner, we are thrilled to share the news about the UMEZ Hybrid Microloan. It is a fee-free, low-interest, five-year loan designed to support small businesses and nonprofits in Upper Manhattan. We encourage Black, Latino, woman, and/or underrepresented business owners to apply.

About The Program


UMEZ is offering a new Hybrid Microloan to support Upper Manhattan small businesses and nonprofits affected by the coronavirus pandemic. Open to small businesses and nonprofits with up to 20 full-time employees, the Hybrid Microloan is a 5-year term loan for up to $50,000. In the fifth year, UMEZ will convert the loan into a grant 25% of the original loan amount for borrowers meeting the loan to grant requirements. Small businesses and nonprofits can use the loan to help adapt and reinvent their business strategy in a new post-pandemic world. The Hybrid Microloan program is capitalized at $2 million and loans will be available on a first-come, first-served basis as long as funds permit or until August 31, 2021, whichever comes first. Applications must be submitted online.


WHIDC is here to help walk you through the application process. To be eligible for a UMEZ Hybrid Microloan, your business must meet the following requirements:  

      • Be a New York State business (corporation, partnership, LLC) or nonprofit (501(c)(3)). 
      • Have a physical storefront. 
      • Be located in Upper Manhattan, which for the purposes of the UMEZ Hybrid Microloan Program is defined as north of 110th Street on the west side of Fifth Avenue and north of 98th Street on the east side of Fifth Avenue in New York City. 
      • Not have a current loan or grant associated with UMEZ or BRISC.     
      • Be a small business or nonprofit with no more than 20 FTE employees.
      • Have annual gross revenue/operating budget of more than $100,000 and less than $750,000. 
      • Have been in operation for at least twenty-four (24) months as of the date of the application. 
      • Be current in their rent payments. 
      • Not be publicly-traded or part of a corporate-owned franchise. 
      • Small businesses: must not be a landlord, branch bank, payday loan store, pawnshop, astrology or palm-reading service, liquor store, involved in adult entertainment or gambling, night club, massage parlor, track wagering facility, trailer-storage yard, or marijuana dispensary. 
      • Nonprofits: must not be a social club, religious institution, or school, college or university (public or private). 
      • Additionally, anyone who owns 20% or more of the business must have a credit score of above 580 and there must not be any liens or judgments against the business or business owners by the time of the loan closing.


We are happy to be partnering with UMEZ on this program. If you’d like more information or need help applying for the UMEZ Hybrid Microloan, please email or just give us a call at (212) 795-1600.

Ready to apply? Start your application:


WHIDC Business Loan Office
611 W 177th Street
New York, NY 10033

Phone: (212) 795-1600