May 11, 2020 Comments Off on Brooklyn Chamber Launches Loan Program for Small Businesses Views: 600 New York News, Outer Boroughs New York

Brooklyn Chamber Launches Loan Program for Small Businesses

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The Brooklyn Chamber of Commerce is launching the “Bring Back Brooklyn Fund,” a no-interest loan program aimed at helping the borough’s small businesses that have been hurt by the COVID-19 pandemic. The program will provide loans up to $30,000 for Brooklyn neighborhood businesses that are operating amid the shutdown or plan to reopen when the shutdown is lifted.

Sixty-five percent of funds will target Minority and Women-Owned Businesses (MWBEs). The fund was created in response to a chamber survey released in April that found 84% of Brooklyn businesses that applied for the federal Paycheck Protection Program hadn’t received funds, and 90% of MWBEs hadn’t received funds.

“Brooklyn Alliance Capital and Community Development Financial Institution programs across the five boroughs are key to community level economic development, and their importance has only been magnified during the COVID-19 crisis,” said Investors Bank’s Ana Oliveira, who chairs the chamber’s board.

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