The BronXchange team understands that your business may be experiencing disruptions resulting from the global outbreak of COVID-19 and as a business community we want to make sure we are working cooperatively more than ever to provide you with information that can be vital to you and your business. We understand that a little financial support can go a long way, below please find a few resources to alleviate this disruption.
Bronx Business Continuity Loan (BBCL)
This program was launched by the Bronx Overall Economic Development Corporation (BOEDC) and the Office of the Bronx Borough President with the goal of providing recovery financing to the businesses of Bronx County.
Eligible Companies: · For-profit companies operating in the Bronx and Nonprofit organizations located in the Bronx (Schools and residential buildings are not eligible)
Permitted Uses: Payroll expense, Commercial Mortgage/Rent, Equipment lease payments, Insurance premium expense, Miscellaneous business discontinuance expense
Loan Size: Minimum $25,000 – Maximum $100,000
To access the program, first complete the Bronx Business Continuity Questionnaire.
For more info and to apply contact:
Pedro L. Barry
Executive Director • Bronx Empowerment Zone, BOEDC
Email: email@example.com Tel: 718-590-3949
U.S. Small Business Administration – The U.S. Federal government took bold, decisive action to make 30 million small businesses more resilient to Coronavirus-related economic disruptions. The Agency will work directly with state Governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation. Economic Injury Disaster Loans offer up to $2 million in assistance for a small business.
NYC Small Business Services – New York City will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19. Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero interest loans of up to $75,000 to help mitigate losses in profit.
Facebook for Business – Small Business Grants Program by Facebook offers support to businesses that are experiencing disruptions resulting from the global outbreak of COVID-19. $100M in cash grants and ad credits to help during this challenging time.
Pursuit Lending – Pursuit, formerly known as New York Business Development Corporation, The 504 Company and Excelsior Growth Fund, has offered innovative lending solutions to help business owners during this critical time. They are a nationally-recognized organization that focuses on serving businesses and lending partners in New Jersey, New York, and Pennsylvania.
NYC Employee Retention Grant Program – To help small businesses deal with the impact of COVID-19, the New York City has launched the Employee Retention Grant Program to help retain employees as businesses face decreased revenue. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000.
Kiva – Kiva is an international nonprofit, founded in 2005 in San Francisco, with a mission to expand financial access to help underserved communities thrive. Kiva provides loans through crowdfunding unlocking capital for the underserved, improving the quality and cost of financial services, and addressing the underlying barriers to financial access around the world.
We’ll share more information as it becomes available.