Brooklyn Alliance Capital, Inc. provides financing to under-served minority and immigrant entrepreneurs and low-income small business owners to increase financial stability and foster economic growth that will create jobs in Brooklyn.
Our federally certified Community Development Financial Institution (CDFI) offers micro-loans of $500 - $10,000 to small and medium size businesses.
Support Neighborhood Businesses, it's the Brooklyn Way!
We Support Small Business, When No One Else Can
Administered through Brooklyn Alliance Capital (BAC), the Bring Back Brooklyn Fund is designed to provide small businesses with no-interest recovery loans up to $10,000 for businesses unable to obtain capital elsewhere. Loan funds will be dispersed directly to qualifying businesses who meet BAC's underwriting standards, and upon the execution of binding loan agreement with the Brooklyn Alliance Capital. 65% of the total loan funds must be allocated for Minority/Women and/or Immigrant-owned businesses.
Please note: We are also offering donations of PPE (masks & thermometers) to approved businesses. Please email [email protected] to request a donation.
General Eligibility Criteria for a Bring Back Brooklyn Loan
Be no more than 30 days late on any bills, loans, credit cards, or any other payment. (With the exception of rent.) If you are late, the total late balance must be under $5,000. (Judgment)
Not have declared bankruptcy in the past 12 months
Not have gone through foreclosure in the past 24 months.
Not have received and Economic Injury Disaster Loan, NY Forward Loan or any other Commercial Loan since March 1, 2020.
If you received a PPP, you are still eligible for a BBBF loan or grant.
Have a profitable business for the 12-months leading up to March 1, 2020
Must agree to reopen your business in Brooklyn commensurate with the appropriate opening phase as outlined by NYS, and in accordance with the safety guidelines issued by NYS for your business sector.
The Bring Back Brooklyn Fund provides no-interest, recovery loans to small businesses in Brooklyn to support Covid-19 relief efforts and renew our Brooklyn neighborhoods.
What is the Bring Back Brooklyn Fund?
The Bring Back Brooklyn Fund is a community-driven, no-interest, recovery loan program started by the Brooklyn Chamber of Commerce through its non-profit Community Development Financial Institution – the Brooklyn Alliance Capital. The Fund brings together donations from local corporations, banks, government and consumers to help our local Brooklyn small business owners who cannot obtain commercial financing. 65% of the funds will be earmarked for Minority and/or Women-owned business enterprises as per the Brooklyn Alliance Capital’s charter. The Bring Back Brooklyn Fund will offer no-interest, recovery loans between $500 and $30,000. Donations will help businesses pay their bills, clean and sanitize their shops, hire staff, pay vendors, procure inventory, and more. Repayment terms will be flexible and tailored to each individual businesses’ circumstances.
The donations will be pooled with the Chamber’s other revolving loan funds, so they can be reused once the loans are paid back, to re-lend the funds to more businesses in need. This will maximize the assistance we can provide through the Recovery Fund.
The Bring Back Brooklyn Fund Loans will be:
No-Interest Loans
Community-Driven
Applied to recovery/reopening efforts
Flexible repayment terms
Loan amounts between $500 and $30,000
65% of the total funds will be earmarked for Minority and/or Women-owned business enterprises. (The business does not need to be a certified M/WBE.)
Share the campaign via: Facebook, Twitter, LinkedIn, Messenger, Email or a Hyperlink – directly from the links on the campaign page!
We provide you a "social media kit" to help you get started. This includes: text, graphics/logo and hashtags we would like you to use and add to as you see fit.
Am I eligible for a Bring Back Brooklyn loan?
To qualify for a BBBF loan, a business must:
Not qualify for most other commercial loans
May or may not qualify for City, State or Federal resources related to the COVID-19 pandemic / Our criteria is not tied to your status in receiving government funds
Have been impacted by the crisis, either as a result of a shutdown, or a reduction in operations
Plan to re-open or restart their business in Brooklyn
What are the loan terms of the Bring Back Brooklyn Fund?
Flexible, and will be tailored to the specific need of the individual business. Loan sizes will range from $500-10,000.
When can I apply for a Bring Back Brooklyn loan?
The application process will coincide with the timeline outlined by New York State for the reopening of the economy. Once that timeline is announced, all criteria and the application will be posted on our COVID-19 Resources Page located at www.brooklynchamber.com/covid-19. Please check back on this site frequently.
How can I apply for a Bring Back Brooklyn loan?
The Brooklyn Alliance Capital has a standard application form and underwriting criteria. Our criteria, while more flexible than banks, still requires documentation of revenue and the ability to repay the loan. The Application and all criteria will be posted on our COVID-19 Resources Page located at www.brooklynchamber.com/covid-19. Please check back on this site frequently.
Will this affect my application for any future federal stimulus packages or other loans?
No.
How much money will the Brooklyn Alliance Capital lend?
As much as we can raise! That is why the Bring Back Brooklyn Fund campaign is so important. Spread the word to your communities!
SPREAD THE LOVE: Help us get the word out and share #BringBackBrooklyn on social media and follow @BringBackBrooklyn
