Brooklyn's Progress
August/September 2005

By Harold Egeln

A team of financial experts was on hand for entrepreneurs with questions and challenges about financing their businesses during a workshop, “Creative Ways to Finance Your Business,” presented by the New York City Business Solutions Center at the Brooklyn Chamber of Commerce.
 
There are alternatives to the routes businesses use when traditional ways don't work or are inaccessible, explained Rick Russo, Director of the NYC Business Solutions Center, and ways to "cut red tape."

During the workshop participants met with various lenders and discussed financial matters including traditional lenders and micro-lenders, documents required for small business loans, tips on what lenders look for from applicants and how existing business owners can purchase commercial property with a 10 percent down payment.

Lenders at the workshop, held at the KeySpan Community Room at One MetroTech Center on June 29, were from ACCION New York, BOC Capital Corp., Church Avenue Merchants Block Association (CAMBA), Citibank, Commerce Bank, Project Enterprise and the United States Small Business Administration (SBA).
 
"We have three core philosophies," said Manuel Morales of ACCION.

"It's never too late to start your business or to establish credit. We understand your situation and we work with you to submit a loan application. And we establish a relationship with clients and provide business support services."

ACCION offers fast and accessible services to businesses seeking micro-loans from $500 to $50,000 for business expansion, equipment, merchandise and working capital. Based in Manhattan, it has a Brooklyn office open every Wednesday from 9 a.m. to Noon at the NYC Business Solutions Center at the Brooklyn Chamber of Commerce at 25 Elm Place.

"We help people get started and work with them on an on-going basis," said Jay Savalich, Small Business Services Counselor of CAMBA. CAMBA offers workshops and strategy seminars over a 10-week period.

CAMBA, at 884 Flatbush Ave., offers start-up and expansion loans from $500 to $15,000 at competitive interest rates, as well as $500 Family Day Care start-up grants and $500 trickle-up grants for qualified entrepreneurs. It has free consulting and free financial workshops.

"Entrepreneurs can be very lonely," said Rose-Del Davies-Adwebi, Center Manager of Project Enterprise, talking about its peer lending program and group sessions for budding business people. "We help arrange loans and technical services, and provide networking groups with your peers."

Credit history and collateral are not required by Project Enterprise, located at Genesis Homes, 330 Hinsdale St. in East New York. It offers start-up loans of $750 to $1,500 with larger loans up to $12,000 as a business grows. Free information sessions are held in Bedford-Stuyvesant and East New York once a month.

The Business Outreach Center (BOC)/Network, at 85 South Oxford St. in Fort Greene, said Hector Davis, Lending Officer and Business Counselor, offers financial assistance through BOC Capital Corp.

BOC Capital offers order-based loans from $500 to $25,000 to finance production costs related to purchase orders or cash outlays required to fulfill contracts, short-term loans from $500 to $25,000 for specific business purposes, and long term loans from $1,000 to $25,000 for equipment purchase and working capital.

CitiBank, represented by Niles Stewart, is one of the banks which works with ACCION and CAMBA to help their clients with financing.  Commerce Bank, at 205 Montague St., also works with new small businesses, explained Peter Pistcitello, Assistant Cashier, SBA Division.

"Toys 'R Us and Staples all started small," noted Frank Dito, Economic Development Specialist at the SBA located at 26 Federal Plaza, saying that micro-loans of $35,000 or less are available for borrowers owning a business in the city.

The NYC Business Solutions Center at the Brooklyn Chamber of Commerce provides a full-range of business development services.  To find out more about the services that are offered or for more about “Creative Ways to Finance Your Business,” call Rick Russo at 718-875-3400.