Brooklyn's Progress
August/September 2006

Increasing numbers of Brooklyn entrepreneurs are utilizing the Brooklyn Business Solutions Center to access loans, lines of credit and other financial services.  Since the inception of the program in 2003, Brooklyn Business Solutions staff has helped 57 businesses access 62 loans totaling over $3.3 million, including 20 loans for more than $1.1 million in the past 6 months.

The Brooklyn Business Solutions Center is a mayoral initiative that partners the Brooklyn Chamber of Commerce with the NYC Department of Small Business Services (SBS) to provide a comprehensive menu of business development services, including financial assistance. 

Daniel Fisher, Director of Financial Services for the Chamber, works closely with Business Solutions Center clients to assess their financial needs and identify appropriate sources of capital.  Clients seek funding from traditional commercial lending institutions such as banks through conventional and Small Business Administration (SBA) products, as well as alternative, not-for-profit lenders and credit unions.

Chamber Serves Diverse Spectrum of Businesses
A wide range of businesses have benefited from the Chamber’s financial services including retailers, manufacturers, restaurateurs and technology firms.  Financing has been accessed for a variety of purposes such as expansion, inventory and equipment purchase, capital improvement and renovations, business purchasing, marketing, costs associated with start-up and working capital, among others.  Chamber staff has connected business owners to 17 different funding sources for loans ranging from $500 to $300,000. 
 
“We are equipped to assist businesses at any stage of their development,” says Daniel Fisher, Director of Financial Services for the Brooklyn Chamber, “whether they are a third generation business looking for funding to satisfy a new contract or an entrepreneur looking to develop a business plan.  We want to connect Brooklyn businesses with the resources they need to be successful.”

“Small business owners are often so involved with the day to day operations of their businesses,” notes Rick Russo, Vice President for Business Services at the Brooklyn Chamber of Commerce and Director of the Brooklyn Business Solutions Center.  “It really simplifies their search for capital if they can sit down with a business counselor who can help them analyze their financial position, prepare their loan packages and connect them with the lenders most likely to approve their application.”

To learn more about Brooklyn Business Solutions programs please telephone the Center at 718-875-3400 or 3-1-1 and ask for Brooklyn Business Solutions.  Daniel Fisher, Director of Financial Services, may be reached directly at 718-875-1000 ext. 114.