Column | The BXEDC’s new micro-loan program will revive small business in the Bronx

Restaurant owners using credit card online
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The Bronx Economic Development Corporation (BXEDC) serves the Bronx community by providing loans to its small businesses. The most important thing for small businesses to have right now is access to capital — but unfortunately, a lot of them struggle due to
how difficult it can be to qualify for a loan. This is why the BXEDC developed a new micro-loan program.

The micro-loan has a maximum amount of up to $100,000 dollars and a loan term of five years, with an interest rate of five percent — an extremely competitive rate. Further, any fees associated with the loan are dependent on the size of the loan.

Along with Bronx Borough President Vanessa L. Gibson, the organization announced the program at the Bankers Breakfast, hosted by their sister organization, the Business Initiative Corporation of New York. Both organizations strive to build up capital throughout New York, with an emphasis on the Bronx. This loan is only available to businesses in The Bronx, reemphasizing the company’s interest in seeing the borough get built up.

There are many kinds of businesses that should consider applying to the loan. Any for-profit companies, including partnerships, proprietorships, LLCs, start-ups and at-home businesses, along with restaurants, construction companies, bakeries, clothing shops and cafés — these are all examples of businesses the company envisions benefiting from the micro-loan program.

Anyone interested in applying to the micro-loan program should visit and click the button in the top right corner, which leads to the Loan Inquiry Form. After that, you can expect to hear from one of our loan managers to discuss your qualifications.

The Bronx Economic Development Corporation has plenty of other opportunities for small businesses. Check out our website for information on our other loans, and follow us on Instagram, @bx_edc, to keep up with our announcements.

Jilleen Barrett is director of communications and marketing at the Bronx Economic Development Corporation.