Businesses and residents located in the Bronx Empowerment Zone (BEZ) now have increased access to affordable business financing thanks to a new loan fund created by the BEZ, the Bronx Overall Economic Development Corporation (BOEDC) and ACCION New York.
The BEZ/ACCION Loan fund, established in February 2008, provides entrepreneurs and residents in the BEZ with business loans up to $50,000 with fixed interest rates as low as 6.99% annually. ACCION New York, a nonprofit organization that provides loans to business owners who are not yet able to borrow from the bank, will administer the fund.
"ACCION New York and the Bronx Empowerment Zone (BEZ) realize that entrepreneurs in the BEZ need affordable loans to grow their businesses and their credit," says Paul Quintero, chief financial officer at ACCION New York. "This loan fund will provide hundreds of local small businesses with loans at favorable interest rates, even if the owner does not have a credit history strong enough to borrow from a bank."
"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.
Small business owners can apply for a BEZ/ACCION loan of up to $50,000 by calling Denise Espinal, ACCION community relations specialist at (917) 517-2506.
About ACCION New York
ACCION New York (www.accionnewyork.org), 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 $76 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.