A new lending program seeks to support small Bronx businesses.
The Bronx Overall Economic Development Corporation, alongside Senator Jeff Klein and Borough President Ruben Diaz Jr., announced the launch of a revolving small business loan fund on Friday, March 20.
Nearly $500,000, allocated by Senator Jeff Klein in last year’s budget, is now available to small businesses of all kinds through the BOEDC’s lending program.
The loans, ranging from $2,000 to $50,000, have a wide range of eligible uses—including working capital, equipment, and inventory—to allow small businesses to grow and continue to contribute to the Bronx.
“Small businesses are the foundation of our economy,” said Klein.
Small businesses are particularly important to the Bronx’s large immigrant population, said Klein, whose grandfather and father ran small businesses.
“I want to make sure that opportunities exist not only for this generation but for future ones as well,” Klein.
The fund will create easier access to capital for businesses who want to improve and expand, said Diaz.
“We are working hard to support businesses of all types in the Bronx, and that includes, making sure that our small businesses have the resources and funding they need to succeed,” he said. “We want to be sure our local businesses know that the Bronx Revolving Loan Fund is a source of capital that they can and should tap as they continue to plan for the future.”
The BOEDC’s lending program will allow Greg Perry, the owner of Crown Trophy Bronx, to buy new equipment, spruce up his showroom and bring in an additional team member.
“I want to thank them for their vision in helping businesses like mine grow and expand,” said Perry.
While the BOEDC has in the past provided loans to specific categories of small business owners, this new fund is the first available to any business in the Bronx that has been legally registered for at least two years.
“We are lending without barriers,” said Cintron. “We are now going to be able to serve small businesses that up until now we were unable to support.”
Now that the fund has launched, the BOEDC is looking to lend out the money to small businesses within the next few months.
“We’re here to say today, ‘please call us,’” said Cintron. “We’re here to support you, because you certainly support us with the jobs you create.”