Brooklyn EDC offering emergency loans for dislocated firms.Brooklyn Economic Development Corp. has created two short-term emergency loan funds to assist businesses hurt by the World Trade Center tragedy. Businesses in all five boroughs of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. are eligible to apply for up to $5,000 from the Regional Economic Development Assistance Corp. disaster relief business loan program. No payments on the loan are required for two months. For qualified applicants, funding can be available within five days of filing the application. The one-year term loans feature a 9.75% interest rate and must be used for business-related expenses, such as physical reconstruction, payroll, inventory replacement, relocation costs, or equipment replacement. "The REDAC REDAC Remote Data Access and Control disaster relief business loan program was created for small businesses in lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North and other businesses in the five boroughs affected by the World Trade Center disaster that may not have a banking relationship," said Joan Bartolomeo, president of BEDC BEDC Block Error Detection Code BEDC Biotech Employee Development Coalition (human resources professional association; San Diego, CA) BEDC Bay Economic Development Corporation (Bay City, Michigan) . "This program will pull them through this difficult time so that they can make payroll, replace inventory, and have enough working capital to get people back to work while they are applying for a bank loan or SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government loan or waiting for an insurance claim." "We don't see this as the answer to the problem, but part of a larger array of services that will be required to help retain the vitality of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's small businesses," she continued. BEDC is also offering a one-year revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. of up to $10,000 for Brooklyn businesses or businesses owned by Brooklyn residents. The line of credit must be used for business-related expenses and can help with cash flow issues created by the loss of business and increased receivables. Borrowers for both loan programs will be evaluated on their personal credit history and their current debt and documented personal income will be reviewed. Personal guarantees will be required. No financing points or application fees are necessary and there are no prepayment penalties. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion