The Bronx Economic Development Corporation is proud to announce the success of its loan programs.
In the last few months, the company has distributed $1.2 million in loans to various small businesses in the Bronx, including Tobalá. A press conference was held last week to honor the work the BXEDC is doing to help small businesses thrive in the borough.
The BXEDC offers several kinds of loans, all targeted at small businesses. The Bronx Micro-Loan is a loan of up to $50,000 for up to five years at an interest rate of 5% for Bronx-based businesses with 25 or fewer employees. The Bronx Commercial Development Loan is a bigger loan with $50,001-$500,000 for up to ten years at the WSJ Prime Rate plus 1-2%. These interest rates are competitive in today’s market.
Tobalá is one of the many small businesses to benefit from these low-interest loan programs. Tobalá is an Oaxacan restaurant in Riverdale — specifically on Riverdale Avenue — with a rave review from the New York Times. Given their location in a popular area for restaurants, they need to be able to invest in their daily operations. The BXEDC was able to help this high-end restaurant refinance some high interest loans with lower interest loans, which gave them the opportunity to achieve their goals.
Cupcake Me!, which is run by a solo entrepreneur, is another business to benefit from the loans. Without access to capital, owner Britney Moss was not able to hire employees to assist her with the success of her business. Now, her business can add jobs in the Bronx. BXEDC loans truly go further than benefiting the business itself – they make the whole borough better.
Interested in learning more about loan opportunities for businesses in the Bronx? The BXEDC can help you. On Wednesday, Oct. 23, the BXEDC and Popular Bank are co-hosting a workshop on economic empowerment – not only will it be a great time to learn about our loan programs, it’s also a networking event. Get to know our staff, our friends at Popular Bank and other business owners in the area. Visit our Instagram, @bx_edc, and click on the link in our bio to find the RSVP form.
Jilleen Barrett is the director of communications and marketing for the Bronx Economic Development Corporation.