The Brooklyn Chamber of Commerce, in partnership with New York Business Development Corporation (NYBDC), has created “The Brooklyn Fund” to provide Brooklyn-based small business owners — and especially the borough’s immigrant entrepreneurs — with access to business loans to help promote growth and expansion.
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. Interest rates will range from six to eight percent.
Additionally, as part of the overall fund, money has been set aside for the “Brooklyn Immigrant Fund,” which is open to all foreign-born residents.
“I am proud that we could partner with the New York Business Development Corporation to create ‘The Brooklyn Fund’ aimed at the borough’s mom-and-pop businesses owners,” said Carlo A. Scissura, president & CEO of the Brooklyn Chamber of Commerce.
“As part of the ‘Brooklyn Fund,’ immigrant entrepreneurs can take advantage of a loan program called the ‘Brooklyn Immigrant Fund.’ 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.
“Whatever vehicles we can put forth to help these businesses will benefit the economic climate of Brooklyn and our city. These business owners will hire more people, helping bring down unemployment, and ensuring that Brooklyn – and New York City – remain a wonderful place to do business.”
NYBDC’s CEO Patrick MacKrell said, “Helping small businesses find funding solution so they can continue to grow and hire others is our mission and targeting this community — and especially the burgeoning immigrant community – is especially important for all New Yorkers.”
Linda Sarsour, Executive Director of the Arab American Association of New York. “It is clear to anyone who has come to this beautiful neighborhood that our immigrant entrepreneurs make this city thrive and I welcome this partnership with two outstanding organizations to better serve new American’s that are struggling to make life better for their families, city and adopted country.”
The Fund will be offered as an option for eligible applicants through the NYC Business Solutions Center at 9 Bond Street in Downtown Brooklyn.