Emergency Express Loan

Need Emergency Working Capital?
Apply for a Low-Interest Loan up to $10,000

The Community Capital New York Emergency Express Loan

For Small Businesses in Westchester and the Hudson Valley impacted by COVID-19.

If your small business needs immediate working capital, our Emergency Express Loan can help you bridge the gap up to $10,000.

If you need more than $10,000, the SBA’s online Disaster Relief Loan application is now available here.

Loan Terms

  • Up to $10,000
  • An Interest Rate of 2%
  • Term of 24 months
  • 2% Origination Fee at Closing
  • You can defer the start of your Emergency Loan payments for up to three months

To Apply

  • Complete the application online
  • Pay the $25 application fee
  • Ensure anyone with a 20% stake in the business completes the appropriate section of the application.

Businesses That Are Excluded

  • Businesses that have been operational for less than one year
  • Real estate holding companies or businesses that generate revenue from passive real estate
  • Adult entertainment establishments
  • Gas Stations
  • Businesses that have previously defaulted on Federal debt, including the SBA

To Qualify

  • Business must be located in one of the following counties: Sullivan, Ulster, Dutchess, Putnam, Orange, Rockland, and Westchester
  • All business owners must have a credit score of at least 650 and no derogatory information for the last 6 months.
  • No more than $1000 in unresolved judgments, liens, collections or charge offs
  • No past due on any debt or obligation (such as rent / utilities / child support)
  • No negative or derogatory information on your credit report in the past 12 months
  • No personal bankruptcy in the last 36 months except for medical reasons
  • Anyone who has 20% or more of a stake in the business needs to be part of the application process and personally guarantee the loan.
  • Startups and businesses less than a year old may not be considered.
  • Business applying for the loan can demonstrate positive net income according to the most recent Federal Tax Return.
  • Small business owners that own multiple businesses may apply for up to two Emergency Express Loans so long as each business has a unique EIN

The Process & When You Can Expect to Hear From Us

  • Loan requirements are subject to change and allocated funds may be depleted so it is in the interest of the business to submit documents quickly after the application.
  • After we confirm your 650-credit score and review your credit report, we will move your application forward in the loan process, we will reach out. If your credit score does not qualify or if there is negative information, we may ask you to identify a guarantor.
  • If you qualify, we will reach out to you as soon as we can with a request for the documentation. Please do not send us any documentation until we have requested it from you. After you receive an email request from us, send us ALL documents together at one time to apply@communitycapitalny.org. Please do not email documents to members of our team. We will NOT review or process your application until we have received all documentation. See more information about the documentation below.
  • Upon reviewing all documentation, our team will be in contact with you to let you know if you are approved or not. You will receive confirmation either way.

To Close

Please follow these instructions so that we can process your loan application as quickly as possible. Due to high demand, we cannot guarantee or provide a closing date. All closings are conducted via video conference, such as Zoom.

  • Prepare the following documents in the list below. Kindly note the digital format of each document we can accept.
  • Send them to us in ONE email, one attachment for each document. We cannot accept multiple attachments of your tax returns, for example. They need to be received in one PDF.
  • Label the subject line of your emails to us with your business name and document included. Label the attachment the same. For example, if you are sending your tax returns, send us an email like this:
    • Subject line: Sweet Cupcake Business Tax Returns
    • Attached PDF: Sweet Cupcake Business Tax Returns
  • We will only reach out to you after you’ve submitted all documentation. Due to high volume, we cannot track down documentation from you, so please send them all at once.

List of Documentation: (One document per attachment)

    • Full set of most Recent Personal and Business Tax Returns (PDF)
    • Business Organizational documents  (PDF)
    • EIN Verification Letter (PDF or Image)
    • A Copy of your business Voided Check (PDF or Image)
    • A Copy of your Bank Signature Card (PDF or Image)
    • A Copy of Driver’s License or any Government Issued ID (PDF or Image)

Thank you for your patience as we work hard to support the small businesses of Westchester and the Hudson Valley during this challenging time.

Please complete the application form below and we will be in contact with you soon.

Questions?  Please contact our Lending Team at apply@communitycapitalny.org with questions or immediate needs.

Due to high volume, we will get back to you as fast as we can.

Please be sure to complete all sections of the Emergency Express Loan Application!