Below is information about financial and incentive programs for retail properties.  To find out more, please contact Rick Russo, vice president of economic development & strategic partnerships, at 718-875-1000 ext. 148, or at rrusso@brooklynchamber.com. 

BEC New Communities

Brooklyn Ecumenical Cooperatives (BEC) New Communities leases commercial storefronts throughout central Brooklyn.

Cinderella Program - National Grid

Cinderella provides grants for façade and curbside improvements of abandoned buildings, new affordable housing and retail stores on commercial strips.

• Project must incorporate natural gas technologies.
• Project must be located within National Grid’s service territory.
• The developer must have an acceptable compliance history in its business activities.
• Project should be completed within one year from application submittal.

Micro-Loans - ACCION

For existing businesses of at least six months with initial loan of up to $10,000.  Loans are for new renovation and equipment.  Size of loan from $500 to $25,000.  Interest rate is 16% yearly APR.  Term is between six months to two years.

Micro-Loans - CAMBA

Provides small business loans to low-income entrepreneurs and others with limited access to credit. Preference is given to “micro” businesses, those with limited access to capital, low-income entrepreneurs, and businesses located in Central Brooklyn.  Size of loan up to $15,000.  Term is up to three years.

Regional Economic Development Assistance Corporation (REDAC) - Mini-Loan Program

For acquisition of land and buildings, construction and renovation, leasehold improvements, acquisition of machinery and equipment, and working capital.  Size of Loan from $5,000 to $50,000.  Minimum rate of prime plus 1.5% floating, adjusted annually.  Term with a maximum of five years.

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