New York City’s new loan fund for small business has proven so successful that the program has had to pause after only three weeks due to overwhelming demand, Crain’s New York Business reported.

The $75 million NYC Small Business Opportunity Fund—a public-private partnership launched in January with funding from Goldman Sachs, Mastercard Center for Inclusive Growth and the Community Reinvestment Fund—was expected to serve 1,500 businesses. It has received  more than 10,500 applications, causing it to stop processing applications for now.

Billed as the “largest public-private loan fund for small businesses in the city’s history,” the partnership offers loans between $2,000 and $250,000 at a 4 percent interest rate. To qualify, businesses must have less than $5 million in revenue. Borrowers can also use the money to refinance existing higher-interest debt. No minimum credit score is required but demonstrated ability to repay the loan is, according to its site.

Several applicants have already received their money, NYC Department of Small Business Services (SBS) spokesperson Josh Jamieson told Crain’s, but he would not provide a specific number.

“As we pause intake of applications, our partners are working as quickly as possible to process those in the pipeline and disburse funds to eligible small businesses,” SBS Commissioner Kevin D. Kim said in a statement reported by Crain’s.

“What this is showing us is this huge demand for capital,” Yanki Tschering, executive director of Accompany Capital, one of the nonprofit financial institutions helping business owners with their loan applications, told Crain’s. “We came back to our desks after it was announced [on Jan. 23], and literally, we had 500 applications in the pipeline.”

More than 4,000 businesses closed between 2019 and 2021, New York City Comptroller Brad Lander reported in July.