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Small Business Services Directory
Renaissance Economic Development Corporation [REDC] provides direct financing and technical assistance services to all the boroughs of New York City, with an emphasis in Chinatown, the Lower East Side, Flushing, Queens and Sunset Park, Brooklyn, and other low-income immigrant neighborhoods in New York City. REDC offers Small Business Loans ranging from $5,000-$100,000. REDC focuses on small and start-up businesses owned by immigrants, minorities or women; that demonstrate significant potential to create jobs for lower-income individuals or minorities; or that lack access to conventional sources of capital. REDC also offers a program where volunteering professionals offer free legal assistance and financial counseling to clients. Contact REDC or visit their website for additional information about their programs and services.
The REDC Small Business Loan Fund is a financing program available to small businesses or entrepreneurs whose businesses are located within New York's 5 boroughs. Loans available to businesses that may need additional funding, to start a new enterprise or grow an existing one. Loans of up to $100,000 can be used for working capital, the purchase of inventory, equipment or used for renovations. No repayment penalties. REDC's experienced staff will work closely with you to provide contribution for loans less than $35,000. 1% of approved loan amount for loans over $35,000. Terms of up to 7years. REDC recently launched the Post Sandy Recovery Loan which provides working capital to assist small businesses affected by Hurricane Sandy in the 5 boroughs for continuing recovery. Please contact REDC for further information.
The Restoration Capital Fund offers a wide spectrum of financing for start ups and established businesses regardless of your credit history. Terms and eligibility requirements include: 12.25% fixed income rate; Terms up to 5 years; Businesses must be located in Brooklyn; Applicant must be a member of the Credit Union during the life of the loan; Collateral required; Applicants must have equity equal to 10% of the project's cost; and $100 application fee; 2% administration fee at the time of loan closing.
The New York District Office is responsible for the delivery of the SBA's many programs and services to 14 counties in downstate New York. A Long Island Branch Office is located at 350 Motor Pkwy, Suite 109 in Hauppauge [631-454-0750].
The Baruch SBDC offers free one-on-one counseling and training on all aspects of starting and operating a business. Together with the Field Center for Entrepreneurship within which it is located, certified business counselors and Baruch business school professors provide assistance with a wide range of business challenges. These challenges include the creation of a focused business plan, selecting funding alternatives, understanding financial statements, developing marketing plans, planning an on-line business, and complying with licensing and regulatory requirements. MBA students can provide technical assistance. Note: There are other SBDCs within NYCs five boroughs.
SoBRO is a not-for-profit organization offering services designed to: Provide education, work readiness and employment programs for adults; Provide existing and newly established businesses with technical assistance, programs and services designed to enhance their ability to compete in the marketplace; and Engage in pro-active community assessment, planning and advocacy in order to strengthen the local economic environment.
Independent, local level small and high-risk minority and/or women-owned businesses are eligible to apply for small, low cost loans via the Springboard Mini-Loan Fund. The loans are available for small businesses located in Community Boards 1,2,3,4,7,8,11 or 12 and can be applied for at the BOEDC office. Start-up and existing minority and women-owned businesses are eligible. Loans can be used for working capital, acquisition of machinery and equipment, revolving lines of credit, seasonal inventory and accounts receivable. For additional information contact Rome Birkett.
Start Small’s mission is to empower New York City’s most underserved individuals to start, maintain, and grow small businesses in order to accumulate assets, increase personal financial security, and contribute to the economy. Start Small provides access to a variety of resources for entrepreneurs and immigrants: small business financing, small business legal counseling, small business planning and operations, accounting and bookkeeping, tax, marketing and public relations, human resources, and government certification and contracting.
Loans $20,000 to $500,000 are available to small businesses and women and minority-owned businesses that have transportation-related contracts with New York State Department of Transportation. Loans are made for short-term working capital for labor and materials, and funds are payable monthly, as cash flow dictates. Eligible borrowers are businesses that have been awarded contracts, but have not yet begun work and those who have begun work not more than 30 days prior to the loan closing.
The Women Presidents' Educational Organization (WPEO) is a regional affiliate of the Women's Business Enterprise National Council (WBENC), the nation's premier third party certification organization for women owned businesses. The mission of the WPEO is to create increased access to business opportunities for WBEs. Our programs develop skills and knowledge for WBEs, advocate in the public and private sectors, foster relationships between WBEs, corporations and the government, and provide certification services. WPEO provides full service third party certification to women entrepreneurs in the New York, Northern New Jersey (including Princeton and points North), Southern Connecticut and the Washington, DC, Maryland and Virginia areas. WPEO is incorporated in the state of New york and is recognized as a 501(c)(3) organization. For more information see the website at www.wpeo.us or call (212) 688-4114.