Brooklyn Alliance Capital, Inc.

Need Financing?

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.

For more information contact Stevenson Joseph at [email protected]

The $2.5MM Brooklyn EXCELerate Loan Fund supported by the Social Justice Fund of the Joe & Clara Tsai Foundation will target BIPOC-owned business owners in Brooklyn, providing "character-based" loans to help them get back on their feet post-pandemic and support equitable economic momentum in Brooklyn.

Eligibility Criteria

Be a BIPOC-owned (Black, Indigenous, People of Color) small business operating in Brooklyn. (At least 51% of ownership must be BIPOC)

Was operating as of January 1st, 2020.
Needs access to capital.
Is unable to raise/borrow capital from traditional sources on reasonable terms. (Some exceptions apply)
Has the potential to generate or retain incremental jobs in Brooklyn.
Agrees to present and adhere to Technical Assistance.

Brooklyn eXCELerate Loan

Up to $15,000, 0% interest

The loan will aid Brooklyn businesses expand or help refinance an existing loan, with microloans ranging from $5,000-$15,000, and terms of up to three years.

Start your application HERE

FAQs

How much can I borrow?

The BrooklyEXCELerate loan is for BIPOC led businesses located in Brooklyn. Borrowers can request up to $100,000 to help their businesses grow and expand. The loans do not require collateral or a guarantor. Your final amount requested might be different after we determine your business viability, debt ratio, and ability to repay. Your counselor will walk you through the process and give you more information or you can email: [email protected]

What documents will I need to apply for the BrooklynEXCELerate loan?

First fill out the inquiry form. A representative from Brooklyn Alliance Capital or TruFund will contact you to review your eligibility and your loan request. A link will be sent to you if you are eligible to complete the application. Your counselor will let you know what documents to prepare. At the very minimum we will need your 2019 tax return, your character reference letter, and your Recovery Template filled out.

Do I need to provide collateral or a guarantor to secure the loan?

What are the interest rates associated with the BrooklynEXCELerate loan?

How soon can I receive funds after I apply?

Once we receive your inquiry form, you will receive a call from a counselor within 48 hours. We will determine eligibility and explain the documentation needed. Once we receive your completed documentation, our review will take no more than 2 weeks. We will contact you with a decision and loan closing will take no more than a week. If you have any questions or are not clear on the documentation needed, we are always here to help. You can send an email to [email protected] throughout the application process to get 1-1 assistance.

I live in Brooklyn but my business is located in another borough, am I eligible?

My credit score is under 600, should I still apply?

Why am I not eligible for the loan?

The BrooklynEXCELerate loan is an unsecured, no collateral loan. As a result, underwriting is based on your business viability. Viability will be based on at minimum a review of 2019 tax returns. Underwriters will review your business performance in 2019. If you did not make a profit or breakeven,they will ask for more information. If your business has had a loss since operating, you may not be eligible for this loan. However, we are working with partners that can help you understand how to find the right source of capital.

I have received the Federal PPP loan, and other financial support for my business, can I still apply.

Why is this a loan and not a grant.

The Social Justice Fund believes in supporting the community. The BrooklynEXCELerate loan is a $2.5M investment in the Brooklyn BIPOC business community. Similar to a sou-sou, the fund wants the $2.5M invested to stay circulating within the BIPOC community. As businesses repay the loans, that money is then lent out to other businesses who also needs help. This keeps the investment circulating within the community.

Have questions? Email: [email protected].

About The Joe & Clara Tsai Foundation Social Justice Fund

The Social Justice Fund (SJF), an initiative funded by Joe and Clara Tsai Foundation, centers its work around Economic Mobility and Racial Justice for BIPOC populations in Brooklyn. As part of this commitment, the SJF is partnering with the Brooklyn Alliance Capital, the Brooklyn Chamber of Commerce's Community Development Financial Institution (CDFI), and TruFund Financial to assist BIPOC-owned businesses who have been impacted by COVID and the economic shutdown, in restarting and recovery. The SJF will provide a $2.5 million investment to be managed by the BAC and TruFund, to be deployed through unique and flexible loan products structured to assist BIPOC businesses who cannot obtain restart capital through other resources.