East Harlem Business Capital Corporation’s (EHBCC) mission is to enhance the economy and commerce of East Harlem, to create jobs and help residents, entrepreneurs and small businesses become successful. EHBCC provides access to capital, and sound business development assistance to expand existing businesses, create new enterprises, and to promote economic development and projects that improve the quality of life in East Harlem.
EHBCC’s purpose is to improve the quantity and quality of economic and commercial activity in East Harlem by providing financial assistance, training and technical assistance to small businesses, merchants and entrepreneurs. We provide access to credit and sound business development assistance to expand existing businesses or to create new enterprises. EHBCC works to increase employment opportunities, promote real estate development and commercial services, and supports a nurturing business environment for East Harlem’s small business community.
EHBCC was founded by the late State Senator Olga A. Mendez in 1997, and it was incorporated as a non-profit economic and community development organization the same year. EHBCC has established itself as a worthy and viable financial and business development institution in East Harlem.
The following is a synopsis of our history:
- East Harlem MicroLoan Program: In August of 1999, EHBCC received a $300,000 seed loan from the Empire State Development Corporation to establish its Loan Program.
- Community Development Financial Institution (CDFI) Certification: EHBCC has been a US Department of Treasury Certified CDFI since December of 1999. We are the first and only Hispanic CDFI in East Harlem.
- U.S. Department of Treasury Investment: After a rigorous national process, EHBCC was selected to receive a $600,000 matching grant from the U.S. Department of Treasury CDFI Program in 2000.
- Upper Manhattan Empowerment Zone (UMEZ) Parternship: In June of 2000, UMEZ selected EHBCC as a partner in its Community Revitalization Initiative (CRI). As a result, EHBCC received a $200,000 grant and an additional $300,000 for the EHBCC loan fund. In 2003, EHBCC was awarded another two-year $500,000 grant.
- NYS Empire Zone Administrator: In December 2000, EHBCC was designated the East Harlem Empire Zone Administrator by the New York State Empire State Development Corporation (ESDC) and the New York City Department of Small Business Services (DSBS). This makes EHBCC the certifying agency for businesses in East Harlem seeking Empire Zone benefits. In 2003, EHBCC led the successful campaign to expand the Zone