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 $50,001 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.
Micro-Business Loan
Business loan up to $50,000. Flexible, small loans targeted at mom- and pop- shops in need of financing. Uses include capital improvements, inventory, payroll, equipment construction and more. Interest rate is locked at 5%. Term of the loan is up to 5 years. For businesses with under 25 employees.
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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. Businesses must be under 25 employees.
Eligible Uses
Varies. Payroll, inventory, equipment, loan refinancing, and capital improvements are examples of eligible uses.
Loan Amounts
Maximum: $50,000
Term of Loan
Up to 5 years.
Financing Structure
Interest rate is 5%.
Fees
Dependent on the size of the loan.