EHBCC provides loans for small businesses located, or to be located in, East Harlem. The loans can be used for working capital, inventory, and equipment. The loans range from $500 to $50,000 and can also be used for renovations of commercial or retail properties, owned or leased; marketing or advertising.

Loans to small businesses are provided on a case by case basis. All loans are secured by liens on business assets and the personal guarantee of principal(s). Lending criteria vary according to loan size, use of loan proceeds, term of loan, credit history, and collateral available. Each loan request is evaluated on its individual strengths and weaknesses and the company/principal’s ability to repay the loan. This is determined by an analysis of past and/or projected income and expenses, credit/repayment history of principal owners, and industry/market trends.

EHBCC Small Business Loan Fund is the only operational loan fund targeted exclusively for East Harlem, and one of the few in the City that provides bilingual technical assistance and counseling.

Types of Financing

 

Fixed Asset Financing:

EHBCC provides loans of up to $50,000 for the purchase or improvement of real property, including land and building acquisition, construction and renovation, leasehold improvements, signage, machinery and equipment.

Working Capital Financing:

EHBCC provides loans of up to $50,000 including lines of credit and seasonal inventory loans.

Loan and Investment Partnership Financing:

EHBCC provides access to an array of additional loan and investment products in partnership with entities such as the Riverside Church Loan Fund, Grow America Fund, Statewide Zone Capital Corporation, Seedco Capital Partners, Banco Popular, Citibank, and others.

Express Loans:

In response to East Harlem’s start-up and established businesses needs, EHBCC provides micro loans that range from $500-$2,500 and that are often required for immediate inventory and working capital.