For Brooklyn’s smallest businesses, a lending lifeline
The Brooklyn Chamber of Commerce is providing micro loans up to $25,000 to small businesses that don’t qualify for commercial loans, including to certified “minority-and-women-owned businesses,” the chamber president announced on Tuesday.
The chamber’s Brooklyn Alliance Capital Loan Fund has issued 18 loans with a backing of $25,000 from the chamber since 2017. The new program was awarded $125,000 from the federal government, at least 65 percent to be used for “minority-and-women-owned businesses” (MWBEs) in Brooklyn.
“This funding will allow us to jumpstart our micro lending program targeted exclusively to small businesses in Brooklyn who cannot readily access commercial loans,” said Brooklyn Chamber of Commerce President Randy Peers.
Peers announced the program on the top floor of the Beard Street Warehouses in Red Hook, where Amber Lasciak, a 2017 loan recipient, operates her business RENU NYC.