Loan
Programs
BXEDC has loans programs tailored made for small- and mid- sized businesses operating in, or moving to, the Bronx.
Contact us if you are interested in any of our programs:
Bronx Community Development loan program
The Bronx Community Development Loan Program is a new loan package for small- to mid- sized businesses looking to scale up or for entrepreneurs looking to start their business. A loan can be from $5,000 to $350,000 and used for costs such as payroll, inventory, new equipment, and more. To inquire about your eligibility, please contact us and mention in the contact form you are interested in a Bronx Community Development Loan.
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Eligible Businesses
For profit companies, including partnerships, proprietorships, LLC and qualified start- ups. This loan is only for businesses within the Bronx.
Eligible Uses
Varies. Payroll, inventory, equipment, loan refinancing, are examples of eligible uses.
Loan Amounts
Minimum: $5,000Maximum: $350,000
Term of Loan
Generally 10 years based upon repayment ability.
Financing Structure
Interest rate is up to 2%-6% above the Wall Street Journal Prime Rate depending on the size of the loan.
FeesDependent on the size of the loan.
Other Business Loans
Loans tailor made by BXEDC for Bronx businesses. We also encourage businesses looking to move to the Bronx to apply for our loans. BXEDC has a variety of loan programs for Bronx businesses and entrepreneurs looking to grow an established business or start a new business. BXEDC also has loan products targeted specifically at the South Bronx Empowerment Zone.
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Eligible Businesses
For profit companies, including partnerships, proprietorships, LLC and qualified start- ups, specifically for eligible projects as described below.
Eligible Uses
Varies, subject to above-referenced BXEDC Board approval, but generally for the purchase of machinery and equipment, and/or facility improvements.
One job required for an EZ zip code resident for every $65,000 borrowed.
Loan Amounts
80% of a qualified project’s cost, up to $200,000.00.
Term of Loan
Up to 10 years based upon repayment ability.
Financing Structure
80% EZLF and 20% borrower equity.
Rate of Loan
Up to 2% above the Wall Street Journal Prime Rate at the time of contact.
Fees
2% Processing Fee (1/2 due at signing of commitment, ½ due at closing).
Collateral
Liens on equipment and machinery (and on other assets in some cases); lease assignments; and personal and corporate guarantees. -
Eligible Businesses
Any small business located in The Bronx Must be a legally registered business for at least two years.
Eligible Uses
Funds can be used as working capital, for the purchase of machinery or equipment, inventory or accounts receivable.
Loan Amounts
Minimum $10,000
Maximum $50,000
Term of Loan
Two to five years, depending upon the size of the loan and the use of the funds, at prime plus 2%.
Financing Structure
First security interest on assets
Personal and corporate guarantees
Rate of Loan
WSJP + 2%
Fees
Application fees are as follows:
Loans less than $25,000: $100.00
Loans $25,000 and above: $250.00
Applicants will be charged a $100.00 fee to cover the cost of UCC filings
Collateral
10% Collateral -
Eligible Businesses
For profit companies, including partnerships, proprietorships, LLCs, and qualified startups.
Eligible Uses
Variation subject to above-referenced approvals, but generally for the purchase of machinery and equipment, land and/or facility improvements.
One job for an EZ zip code resident for every $65,000 borrowed.
Loan Amounts
50% of a qualified project’s cost, up to $1,000,000.00.
Term of Loan
Up to 20 years based upon repayment ability.
Financing Structure
50% BAI, 40% Bank or other co-financer, and 10% borrower equity (other financing structures available).
Rate of Loan
Up to 2% above the Wall Street Journal Prime Rate at the time of contract.
Fees
2% Processing Fee (½ due at signing of commitment, ½ due at closing).
Collateral
Mortgages on property; liens on equipment and machinery (and on other assets in some cases); lease assignments; and personal and corporate guarantees.
The BXEDC can take second position to co-financer on collateral. -
Eligible Businesses
For profit entities, which includes service, retail and manufacturing businesses operating in the BEZ; non-profit organizations located in the BEZ; and housing corporations developing or operating housing in the BEZ.
Eligible Uses
Implementation of energy-efficient measures, including: electric/alternative fuel machinery and equipment; boiler retrofit; new technology to reduce air pollution and/or cause energy savings; green roofs and other greening measures; hybrid or electric vehicles; solar technology; wind technology; customized energy surveys
Loan Amounts
Minimum $10,000
Maximum $100,000
Term of Loan
Up to 7 years, contingent upon amount of loan
Financing Structure
10% equity for existing businesses; 25% for start-ups
Rate of Loan
0%
Fees
2% of the loan amount. Application fee: $250 (non-refundable)
Collateral
Will vary depending upon the project. Often takes the form of liens on equipment and machinery; lease assignments; and other corporate guarantees.