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.
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, 2019.
- Must have been adversely impacted by COVID in one or more of the following ways:
- Temporarily shut down due to COVID-19
- Permanently shut down due to COVID-19
- Showed a significant decline in revenue in 2020 compared to 2019
- Need access to capital to restart, reopen, or remain open.
- Are unable to raise/borrow capital from traditional sources on reasonable terms. (Some exceptions apply - see loan products below.)
- Have the potential to generate or retain incremental jobs in Brooklyn.
- Agree to present and adhere to a business recovery plan.
Rapid Recovery loan
Up to $15,000, 0% interest
The loan will aid Brooklyn businesses who were able to stay open through the pandemic or were required to temporarily shut down due to government restrictions with expenses like equipment, renovations and rent & lease assistance, all at no interest.
Loans from $15,000 to $100,000, 2% interest
Qualifying Brooklyn businesses which have closed temporarily or have significantly reduced operating hours and have significant challenges to reopening or normalizing due to insufficient operating capital.
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.
This program will provide grants between $5,000-$50,000 and will be calculated based on a business' annual gross receipts for 2019. Reimbursable COVID-19 related expenses must have been incurred between March 1, 2020 and April 1, 2021.
You are eligible if you are a PPP, EIDL, or SVO grant recipient but NOT if you received funds through the Restaurant Revitalization Fund.
Find out more at: https://nysmallbusinessrecovery.com/
If you need assistance applying for this grant program, please register with the NYC Small Business Resource Network here: https://www.nycsmallbusinessresourcenetwork.org/