About BusinessWise and NegocianteSagaz:
What is the criteria to qualify for enrollment in the BusinessWise and NegocianteSagaz program?
You must have or be planning to have your business located in East Harlem.
How much does the course cost?
It's free.
How long is the course?
The course runs for 16 weeks and includes 19 sessions in all.
How many times do we meet per week?
We meet once a week from 6 PM to 9 PM and three Saturdays for three hours each time.
What are the requirements in order to graduate from this course?
You must complete the assigned work, including a standard Business Plan. Our staff will give you technical assistance througout the course and with the Business Plan.
About Loans:
What is an EHBCC Loan?
An EHBCC loan is a program designed by EHBCC to help small businesses obtain financing that is otherwise difficult to secure through conventional commercial means.
Who is eligible for an EHBCC loan?
Any small business in East Harlem that is independently owned and operated for profit.
What can EHBCC loans be used for?
An EHBCC loan can be used for a variety of purposes, such as:
Expansion of an existing business, inventory, working capital, machinery & equipment, leasehold improvements, consolidation of business debts, purchase of an existing business, and start-up of a new business.
How do I qualify for a loan?
There are five basic qualifying criteria:
Repayment Ability- Based on past years' performance of an existing business or projections on a start-up business backed by a complete and thorough business plan.
Management Ability- This is particularly important on applications for a start-up business. The applicant's experience and qualifications relating to the business he or she is starting are key factors.
Collateral- As a general rule, EHBCC normally will not turn down a loan request due to lack of collateral. However, if collateral is available and is not offered to secure the loan, EHBCC very often will not approve the request. While we feel that the applicant should have a "reasonable amount at stake," we do not use the Business Equity + Real Estate Equity = Bank's Loan formula that is common to most lenders.
Financial Conditions- There are several ratios that are considered here but the most important is the Debt/Worth ratio. Simply stated, the business liabilities after the loan is granted should not be more than three times its net worth or capital. On a start-up business, EHBCC requires a one-third equity injection from the principals.
Personal Credit of Principals- Good credit with all accounts current and satisfactory explanations of any prior delinquencies.
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