Help comes to Brooklyn-based small business owners
Brooklyn-based business owners–especially the borough’s immigrant entrepreneurs–will get a hand in moving forward thanks to “The Brooklyn Fund,” created by the Brooklyn Chamber of Commerce in partnership with New York Business Development Corporation (NYBDC).
Loans of up to $350,000, with interest rates ranging from six to eight percent, will be provided — giving small mom-and-pop shops the opportunity to grow and expand.
Business owners will have to apply. In order to be eligible, a business must be engaged in, or propose to do business in the United States, have reasonable owner equity to invest, and use alternative financial resources before seeking financial assistance.
“I can’t think of a better way to help the borough’s immigrant business owners than with the chance to attain low-interest loans,” said President and CEO of the Brooklyn Chamber of Commerce Carlo Scissura; $10 million will offered, with a portion set aside for the “Brooklyn Immigrant Fund,” giving foreign-born residents a chance to succeed.
In addition, the Brooklyn Fund has partnered with community groups such as the Arab American Association of New York to help spread the word, making sure that every individual store-owner is aware of the options.
Linda Sarsour, executive director of the Arab American Association, said she’ll make sure struggling businesses will be informed of what’s out there.
“All they need is a little help,” she explained, adding that if necessary, she will go out knocking on doors and acting as the middle-man between the Chamber and the stores.
“It is clear to anyone who has come to this beautiful neighborhood that our immigrant entrepreneurs make this city thrive,” she added, reminiscing about her father, who was a business-owner.
The loans will be offered to eligible applications through the NYC Business Solutions Center. For more information, visit www.nyc.gov/nycbusiness.
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