Brooklyn Chamber and NYBDC Launch 'The Brooklyn Fund' Loan Program
The Brooklyn Chamber of Commerce, in partnership with New York Business Development Corporation (NYBDC), has created "The Brooklyn Fund" to provide Brooklyn-based small business owners - and especially the borough's immigrant entrepreneurs - with access to business loans to help promote growth and expansion.
The $10 million fund offers small dollar loans up to $350,000 backed by U.S. government guarantees through the U.S. Small Business Administration's Community Advantage and Small Loan Advantage Programs. Interest rates will range from six to eight percent.
Additionally, as part of the overall fund, money has been set aside for the "Brooklyn Immigrant Fund," which is open to all foreign-born residents.
"I am proud that we could partner with the New York Business Development Corporation to create 'The Brooklyn Fund' aimed at the borough's mom-and-pop businesses owners," said Carlo A. Scissura, President & CEO of the Brooklyn Chamber of Commerce. "As part of the 'Brooklyn Fund,' immigrant entrepreneurs can take advantage of a loan program called the 'Brooklyn Immigrant Fund.' I can't think of a better way to help the borough's immigrant business owners than with the chance to attain low-interest loans. Whatever vehicles we can put forth to help these businesses will benefit the economic climate of Brooklyn and our city. These business owners will hire more people, helping bring down unemployment, and ensuring that Brooklyn - and New York City - remain a wonderful place to do business."
"We are pleased to be partnering with the Brooklyn Chamber of Commerce to offer this important loan program to Brooklyn businesses," said NYBDC's CEO Patrick MacKrell. "Helping small businesses find funding solution so they can continue to grow and hire others is our mission and targeting this community - and especially the burgeoning immigrant community - is especially important for all New Yorkers."
"As an advocate for the hard working immigrant Arab communities of Bay Ridge, Brooklyn, and New York, I applaud the Brooklyn Chamber of Commerce and New York Business Development Corporation for creating 'The Brooklyn Fund for Immigrants' and that they chose the heart of Arab Bay Ridge to host their launch event," said Linda Sarsour, Executive Director of the Arab American Association of New York. "It is clear to anyone who has come to this beautiful neighborhood that our immigrant entrepreneurs make this city thrive and I welcome this partnership with two outstanding organizations to better serve new American's that are struggling to make life better for their families, city and adopted country."
The Fund will be offered as an option for eligible applicants through the NYC Business Solutions Center at 9 Bond Street in Downtown Brooklyn. More information is available online at: http://www.nyc.gov/nycbusiness.
About the Brooklyn Chamber of Commerce
The Brooklyn Chamber of Commerce is a community that supports and advocates for its member businesses. Our mission is to promote a healthy and robust business environment in Brooklyn.
The Brooklyn Chamber of Commerce will be the foremost resource for doing business in Brooklyn, respected as a leader in advancing public policy, new technologies, products, services and programs that support and promote a vibrant local economy. For more information, visit www.ibrooklyn.com.
About the New York Business Development Corporation
New York Business Development Corporation (NYBDC) is a complement to conventional banking, working in partnership with banks to provide term loans, many of which do not meet the requirements for traditional financing. Our goal is to be more creative in our underwriting. In many cases, we include multiple participations, SBA guarantees, flexible amortization and long-term payouts.
NYBDC also manages the Empire State Certified Development Corporation which is otherwise known as The 504 Company. Empire State CDC is licensed by the U.S. Small Business Administration (SBA) to provide the SBA 504 Loan Program - a fixed-asset economic development program designed to promote growth and job creation in small businesses -- to eligible New York State businesses.
A third component of NYBDC is the Statewide Zone Capital Corporation (SZCC), a privately owned loan and investment fund whose capital is used to promote the expansion and growth of new and existing businesses located within New York's participating Empire Zones.