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We’ll increase your chances of getting a loan.
If you need money to start a business or to expand an established business, NYC Business Solutions can help you, at no cost, to secure the financing you need. We’ll help you identify lenders and package your loan application. We’ll give you access to information to help you prepare for your loan, and quickly assess the right lending opportunities for your business.
Below are two documents that list some great resources that will help you understand the basics of borrowing a loan and successfully repaying a loan:
The Brooklyn Fund
The Brooklyn Chamber of Commerce, in partnership with the New York Business Development Corporation, has created "The Brooklyn Fund" to provide Brooklyn-based small business owners with access to business loans to help promote growth and expansion. Brooklyn is well-known as a very diversified borough. The Brooklyn Fund has a particular focus on immigrant and veteran-owned businesses throughout the Brooklyn community. The $10 million fund offers small dollar loans up to $350,000 backed by U.S. government guarantees through the U.S. Small Business Administration's Community Advantage and Small Loan Advantage Programs. The fund is administered by the New York Business Development Corporation, a non-bank lender who will make loans to end borrowers. Interest rates range from six to eight percent.
Excelsior Growth Fund
Excelsior Growth Fund provides innovative financial solutions and business advisory services to underserved small businesses and markets in New York State. EGF’s core loan program is the EGF SmartLoan™, which offers loans of up to $100,000, competitive rates and terms, and the convenience of a fast, streamlined process. With the easy to use online loan application, pre-qualification takes minutes; loans are approved and funded within days.
EGF is a not-for-profit 501(c)(3) and certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI).
For more information and to apply, click here.