Today, the Bronx Overall Economic Development Corporation (BOEDC), Bronx Empowerment Zone (BEZ) and ACCION New York announced the launch of a $500,000 microloan fund dedicated to small businesses and entrepreneurs located in the South Bronx.
With the goal of fostering positive economic development and job creation, the BEZ / ACCION Microloan Fund will offer reduced interest rate loans ranging from $500 and $50,000 to business owners and residents located in the Bronx Empowerment Zone (BEZ) region, which includes much of Hunts Point and Port Morris, and neighborhoods located in the zip codes of 10451, 10452, 10454, 10456 and 10474.
"Last year alone, ACCION New York made over $2.1 million in loans to the Bronx community, helping nearly 300 aspiring entrepreneurs get through the tough growth stages of business ownership. The BEZ / ACCION Microloan Fund will allow us to strengthen our outreach in the Bronx, as well as create or maintain approximately 200 jobs in the South Bronx in 2008," said Paul Quintero, chief financial officer and interim chief executive officer at ACCION New York.
"This joint program will help more people realize the dream goal of owning their own business. It is because of programs like this that the Bronx continues to be the ideal place to invest in and grow a business," stated Bronx Borough President Adolfo Carrion.
Interest rates under the BEZ / ACCION loan program will start at 6.99%, providing Bronx entrepreneurs with capital that is both affordable and flexible. Small business owners interested in obtaining more information about the BOEDC/ACCION Loan Fund should call (212) 387-0494.
About ACCION New York
ACCION New York, a leading microlending organization, contributes to the economic development of the New York metropolitan region by providing loans and advisory services to those that do not have access to traditional sources of credit. Since its inception in 1991, ACCION New York has provided over $80 million in small loans to entrepreneurs that do not have access to traditional sources of credit. Ranging from experienced restaurateurs to home-based businesses and native New Yorkers to recent immigrants, loan recipients have transformed capital into citywide economic development, positive community change, and personal empowerment.
In January 2009, ACCION New York combined operations with ACCION USA.
About the New York Empowerment Zone
The New York Empowerment Zone (NYEZ), created to revitalize Upper Manhattan and the South Bronx, is an economic development initiative which uses public funds and tax incentives to encourage private investments in these areas. The NYEZ is the only corporate entity of its kind in the nation with a public investment pool of 300 million dollars equally contributed from the city, state and federal governments. The NYEZ's goal is to provide its resident with the necessary tools to revitalize their community and build new roads to economic self-sufficiency.