HFLS Small Business Loan Application

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Welcome & Instructions

Thank you for your interest in applying for a Small Business Loan from the Hebrew Free Loan Society (HFLS). Please read the following eligibility and program information thoroughly, as it will impact whether you receive a loan.

Welcome & Instructions

Thank you for your interest in applying for a Small Business Storm Damage Loan from the Hebrew Free Loan Society (HFLS). Please read the following eligibility and program information thoroughly, as it will impact whether you receive a loan.

General Information

HFLS Small Business Loans are intended to help entrepreneurs launch or expand a small business and to help businesses impacted by COVID-19. All loans are interest-free and require no application fee, origination fee, or collateral. 


Small Business Loan amounts and repayment terms are determined by the HFLS Small Business Loan Committee. The maximum loan amount is $50,000, and the average repayment term is two to three years.


Loan repayments begin approximately three months after the loan is disbursed. Scheduled loan repayments are automatically withdrawn from a borrower's checking account through ACH.

General Information

HFLS Small Business Storm Damage Loans are intended to help small business owners whose businesses were impacted by Hurricane Ida. All loans are interest-free and require no application fee, origination fee, or collateral. 


Small Business Storm Damage Loan amounts and repayment terms are determined by the HFLS Small Business Loan Committee. The maximum loan amount is $50,000 with a repayment term of two to four years.


Loan repayments begin approximately three months after the loan is disbursed. Scheduled loan repayments are automatically withdrawn from a borrower's checking account through ACH.


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PLEASE NOTE: Before applying for a Small Business Storm Damage Loan, you should first determine whether you are eligible for individual assistance through FEMA and how much assistance you are eligible to receive. Not applying for FEMA aid or applying for FEMA aid after receiving an HFLS loan could result in a loss of free financial support that you would not have to pay back. 


Learn more about and apply for FEMA individual assistance by clicking here or calling 1-800-621-FEMA (1-800-621-3362).

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After submitting the HFLS Small Business Storm Damage Loan application, you will receive an email from HFLS informing you of next steps to move forward with the application process. Please read this email thoroughly and follow the instructions; not doing so will result in HFLS being unable to consider your loan application.

Within five business days of submitting your application, an HFLS staff member will notify you by email whether you are eligible for an HFLS loan. If you are eligible, the email you receive will contain further information about scheduling a 20-30 minute phone or video (Zoom) loan interview with the HFLS Small Business Program Director to discuss the information provided in your application. The Director will then request details and documentation of the storm's impact on your business.

Eligibility Requirements

Only for-profit small businesses (including brick and mortar, e-commerce, and independent contractors) that sell a product or service are eligible for HFLS Small Business Loans. HFLS does NOT lend to purchase or renovate real estate or to nonprofit organizations.  If the purpose of your loan is for Uber, Lyft, or taxi business you are not eligible for a Small Business loan but may be eligible for a General Needs Loan.


To qualify for an HFLS Small Business Loan, an applicant must:

  • Be at least 18 years of age
  • Reside in one of New York City's five boroughs, Westchester County, or Long Island
  • Have pre-tax annual household income at or below the specific income limit below for their household size. If your household income exceeds this amount but you have significant need for an interest-free loan, please contact HFLS at (212) 692-9023 or Biz@HFLS.org to discuss your specific circumstances.

 

Household Size

1 person

2   person

3 
person

4
person

5
person

6
person

7
person

8
person

Household Income

$125,005

$142,945

$158,700

$178,595

$192,855

$207,115

$221,490

$235,750

Guarantor Requirements

HFLS loans require one or two guarantors who agree to take responsibility for the loan if the borrowers are unable to repay at any point during the loan term. 


ONE guarantor is required for loans of up to $25,000; TWO guarantors are required for loans of more than $25,000. Guarantors must meet the following criteria:

  • Reside in New York, New Jersey, or Connecticut
  • Have annual pre-tax household income of at least $60,000
  • Have a credit score of at least 680 (guarantors must agree to have HFLS pull their credit report)
A couple is considered one guarantor; if a guarantor is married, his or her spouse must also agree to guarantee the loan. Guarantors may NOT live in the same household as the applicant.

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Loan Process

The following steps outline the HFLS Small Business Loan process from application submission through loan disbursement. 

1. Fill out and submit the application on the following pages, which includes basic questions about you and your business and an authorization for HFLS to obtain your credit report. Applicants and their spouses must agree to HFLS reviewing their credit report in order to qualify for a loan. Submission of this application and credit authorization does NOT guarantee loan approval.

2. After submitting an online application, you will receive an email from HFLS informing you of next steps to move forward with the application process. Please read this email thoroughly and follow the instructions; not doing so will result in HFLS being unable to consider your loan application.

3. Within five business days of submitting your application, an HFLS staff member will notify you by email whether you are eligible for an HFLS loan. If you are eligible, the email you receive will contain further information about scheduling a 20-30 minute phone or video (Zoom) loan interview with the HFLS Small Business Program Director.

4. After the interview, the Director will present your loan request to the Small Business Loan Committee. If the Committee approves your request, you and your guarantor(s) will receive an email containing loan closing documents for electronic signature. If you and/or your guarantors are married, your spouses must electronically sign the documents as well.

5. Upon receiving the electronically signed loan closing documents, HFLS will process your loan disbursement. Typically, loan funds are deposited directly into an applicant's checking account within three business days of HFLS receiving the signed loan closing documents. 

If you have any questions or technical problems while completing or submitting the application on the following pages, please contact Biz@HFLS.org and an HFLS staff member will respond to your inquiry as soon as possible.

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Please answer all questions below and upload copies of the documents requested at the end of the application. Submission of this application does not guarantee loan approval.

Personal Information
Please enter the number without hyphens
Select all that apply - Select more than 1 value by using CTRL
Eligibility
Contact Information
Enter apartment or floor number if applicable
If you have different email addresses for work and personal use, please provide your personal email address only.
Household Information
Do NOT include yourself or your spouse
Financial Information
$
$
$
If you currently have no debt, enter 0 above
$
If you have no past due debt, enter  0 above
$
$
$
$

Page 3

Loan Request 
$
Enter an amount up to $50,000; do NOT not use dollar sign or decimals

Business Information 
Do not abbreviate the business name
Business Address
Do not include dash or hyphen (-)
$
Enter 0 f your business does not pay rent


Enter 0 if you do not have any full-time employees besides the principal
Enter 0 if you do not have any part-time employees besides the principal
$
Provide the average for the past two years. If your business has not been operating for two years, provide the average for as long as the business has been operating.
$
Provide the average for the past two years. If your business has not been operating for two years, provide the average for as long as the business has been operating.
$
Provide the average for the past two years. If your business has not been operating for two years, provide the average for as long as the business has been operating.

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Spouse/Partner Information
If you are married, HFLS must receive the information below for your spouse. Your spouse will be listed as a borrower on the Promissory Note along with you and will be required to sign the Promissory Note.
Please enter the number without hyphens
If you have different email addresses for work and personal use, please provide your personal email address only.
Spouse/Partner's Employment Status
Spouse/Partner's Employment Information
If unsure of the month or day, enter January 1st
Enter your spouse's employer's complete address - street number and name, apartment or floor number if applicable, city, state, and zip code
Spouse/Partner's Income Information

$
Enter your spouse's annual pre-tax salary from the job listed above
$
Enter your spouse's annual pre-tax income from other jobs or sources other than the job you listed above. If your spouse's income from other sources is $0, enter 0 above.
Spouse/Partner's Income Information
$
Enter your spouse's annual income from unemployment, social security, pension, etc. If your spouse's current income is $0, enter 0 above.

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Required Documents Upload
While it is not mandatory to submit some documents now, HFLS will require these documents in order to review your application. Uploading copies of these documents now will speed up the processing of your loan application.
License or other valid government-issued photo ID
License or other valid government-issued photo ID
License or other valid government-issued photo ID for your spouse or partner (if you are married or partnered)
License or other valid government-issued photo ID for your spouse or partner (if you are married or partnered)
Please upload all pages of a recent checking account statement. The statement should clearly show your name, address, bank name, and checking account number. HFLS will use this information to electronically disburse your loan funds directly into your checking account and to collect monthly repayments from your account.
Please upload a copy of a voided check from your business bank account.
If you do not have corporate by laws please attach your business's operating agreement.
Guarantor Information
Your guarantor may NOT use the same email address as you or your spouse.
Your guarantor may NOT use the same email address as you or your spouse
Credit Report Authorization
Release
Signature
By typing your name below, you are signing this application electronically. You agree that your electronic signature is the legal equivalent of your manual signature on this application.
Type your name

Contact Information