On Thursday, May 21, 2020, the office of Bronx Borough President Ruben Diaz, Jr. and the Bronx Overall Economic Development Corporation (BOEDC) announced that the first set of loans were approved and released by the Board of Directors.
Four Bronx businesses received loans this week that will support their operations during the COVID-19 pandemic. A total amount of $320,000 from the $1 million fund has been released to support local businesses.
“We must do all that we can to give our borough’s small businesses a chance to survive in these difficult times,” said Bronx Borough President Ruben Diaz, Jr. “Our Bronx small businesses and entrepreneurs, who have been forced to adapt due to the changing landscape created by the COVID-19 pandemic, are a key component of our economy, and protecting vulnerable local job-creators is important as we look to rebound from this crisis.”
The Bronx Business Continuity Loan Fund is open to small businesses seeking loans, ranging from $10,000 to $100,000, to help keep them afloat during their time of most economic need. The loans are for a five-year term with a one percent interest charge in order to help the businesses rebuild as well as rehire local workers.
“I am proud to point out that of the four loans disbursed, three are MBE or WMBE businesses, thereby reflecting the diversity of the owners as well as the type of businesses”, said Marlene Cintron, President of the Bronx Overall Economic Development Corporation. “Our small businesses were locked out of the PPP process by their respective banks. Others were unable to qualify. BOEDC is their window to keep their doors open. With over 60 applications still in the pipeline, my concern is running out of funds.
As a result, we are looking for more financial support to supplement our fund.”
The four businesses who were funded thus far by The Bronx Business Continuity Loan Fund — Bronx Design, Woodlawn Medical Associates, SIDCO Food Distributors, and Infinity Fitness NYC — are all located in neighborhoods scattered throughout The Bronx, providing economic relief borough-wide.
Businesses interested in receiving an application can e-mail their request to firstname.lastname@example.org.