The Bronx recognizes that key to your company's growth is access to financing. To make the process fast and easy, BOEDC's team provides free consulting to determine your company's special needs and to identify the loan program(s) best suited for you. We'll work closely with you and the public or private lending institutions involved to ensure a speedy closing.
BIC/SBA504 - The Business Initiative Corporation of New York and Small Business Administration 504 Loans
The Business Initiative Corporation of New York (BIC) works with the SBA and private lenders to provide financing to small businesses. The Business Initiative Corporation of New York focuses on all the industries and sectors of The Bronx's economy including industrial, commercial, manufacturers, and service firms.
BAI - Business Assistance Initiative / The Bronx Empowerment Zone
The Business Assistance Initiative (BAI) for Economic Development Projects exists to create or retain permanent private sector job opportunities and business opportunities for Bronx Empowerment Zone (EZ) residents. Under the BAI, financing is available for up to 50% of the total project cost, in amounts between $200,000 and $1,500,000. An equity investment of at least 10% is required, and typically 40% of the project is financed through private funds.
E-Z Loan Fund
The E-Z Loan Fund ("E-Z LF") exists to create permanent private sector job opportunities and business opportunities for Bronx Empowerment Zone (EZ) residents.
Loans Under $50,000 For Small Businesses and Start-Ups
BOEDC - Springboard Mini Loan Fund
The BOEDC - Springboard Mini Loan Fund utilizes non-traditional lending strategies to assist developing small businesses. 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 Board 1,2,3 and 4, and can be applied for at the Bronx Overall Economic Development Office. These fixed-rate loans are made at European American Bank's prime rate.
Start-up and existing minority and women business enterprises. Persons requesting loans for start-up businesses must have received, or be scheduled to receive entrepreneurial or other business training.
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%.
|•||Application:||Loans up to $2,999||$75.00|
|Loans from $3,000 to $7,000||$100.00|
|•||Commitment:||fee of 3% of the loan will be charged at closing|
|•||Miscellaneous:||Applicants will be charged a $50.00 fee to cover the costs of credit reports and UCC filings.|
20% Start Ups.
10% Existing Businesses
First security interest on assets. Personal and corporate guarantees.