Springboard Mini Loan Fund
The Bronx Overall Economic Development Corporation’s Springboard Mini Loan Fund utilizes non-traditional lending strategies to assist developing small businesses. Independent, local, small and high-risk minority and/or women-owned business entrepreneurs can apply for small low cost loans. The loans are available for small businesses located in Community Boards 1, 2, 3 and 4.
Eligible Browsers:
- Start-up and existing minority and women owned business enterprises.
- Persons requesting loans for start-up businesses must have received, or be scheduled to receive entrepreneurial or other business training.
Eligible Uses:
- Working Capital
- Acquisition of machinery and equipment
- Revolving lines of credit
- Seasonal inventory and accounts receivable loans
Terms of the Loan and Interest Rates:
Maximum 24 months at Prime plus 4%
Fees:
- Application fee:
- $75 for loans up to $2,999
- $100 for loans from $3,000 to $7,000
- Commitment fee of 3% of the loan will be charged at closing.
- Applicants will be charged a $50 fee to cover the costs of credit reports and UCC filings.
Equity Participation:
- 20% Start ups
- 10% Existing businesses
Collateral:
- First security interest on assets
- Personal and corporate guarantees
Contact:
Copyright 2005 BOEDC. All rights reserverd.