Resource Type: Financing
The mission of the Valley Economic Development Center’s (VEDC) Tri-State Business Opportunity Fund is to support consistent, high quality employment in communities in the New York area. The VEDC specializes in funding minority- and women-owned businesses, including start-ups and nonprofits, with loans ranging from $50,000 to $500,000 and microloans between $2,500 and $50,000. When packaging loans, the VEDC considers credit history, not credit score.
The NDC Grow America Fund, a community development lender, offers financing, education, and workshops, including monthly courses on business credit, to entrepreneurs and economic development professionals. NDC’s average loan size is $450,000, but smaller loans are available to a variety of diverse businesses, from repair shops to consulting firms.
Operated with the Business Outreach Center (BOC), BOC Capital is a participating lender providing affordable payback rates starting with microloans at a minimum of $500 to $50,000 as well as community advantage and contract based loans ranging from $50,000 to $500,000 in all five Boroughs.
For over 25 years, Accion East, a nonprofit lender, has provided affordable loans to entrepreneurs and established small business owners. Customized loans of up to $250,000 and microloans from $1,000 to $50,000 are available. Common loan uses include working capital, equipment purchases, operating costs, marketing and promotional materials, vehicle purchases, location changes, inventory purchases, and expansion.
WE NYC is an initiative based out of the NYC Department of Small Business Services, that is dedicated to helping women start and grow their business. WE NYC offers a range of tailored business services including networking events, business courses, and mentorship sessions.
The Business Center for New Americans (BCNA) helps New Yorkers achieve financial independence and home ownership through workshops about obtaining microloans, developing business management skills, understanding everyday cash management, and more.
The NYC Business Solutions Bronx Center offers a set of no cost services on behalf of the NYC Department of Small Business Services (SBS) to help companies start, operate and expand in New York City. Services include business courses, legal assistance, financing assistance, recruitment, navigating government, M/WBE certification, training and incentives.