The Brooklyn Chamber of Commerce has created the Bring Back Brooklyn Fund to help small businesses that have been shut out of traditional loan programs - with 65% earmarked for Minority and/or Women-owned businesses.
At least 84% of Brooklyn businesses that applied for loans from the federal government’s coronavirus stimulus package have not received funding.
Brooklyn’s economy has been one of the hardest hit- it is projected that 35% of our 63,000 small businesses may never reopen.We need to act now, before our small businesses are gone forever… Watch their stories here.
That’s why the Brooklyn Chamber of Commerce created the Bring Back Brooklyn Fund — a community-driven, small business no-interest loan program, with 65% earmarked for Minority and/or Women-owned Business Enterprises (groups that have been shut out of most loan opportunities). Loans will help small businesses pay their bills, clean and sanitize their shops, hire staff, pay vendors, and more. These resources will help our small businesses survive the pandemic, protect jobs, and sustain our neighborhoods.
We need everyone to pitch in to bring back Brooklyn.
Administered through Brooklyn Alliance Capital (BAC), the Bring Back Brooklyn Fund is designed to provide small businesses with:
- Grants for Personal Protective Equipment (PPE) and deep cleanings, and
- No-interest recovery loans up to $10,000 for businesses unable to obtain capital elsewhere.
Grant funds will be allocated to approved vendors for the purchase of PPE and/or deep cleaning services and earmarked for approved businesses based on their statement of need. Loan funds will be dispersed directly to qualifying businesses who meet BAC’s underwriting standards, and upon the execution of binding loan agreement with the Brooklyn Alliance Capital. Both grant and loan funds are limited, and 65% of the total loan funds must be allocated for Minority/Women and/or Immigrant-owned businesses.
General Eligibility Criteria for a Bring Back Brooklyn Loan:
- Be no more than 30 days late on any bills, loans, credit cards, or any other payment. (With the exception of rent.) If you are late, the total late balance must be under $5,000. (Judgment)
- Not have declared bankruptcy in the past 12 months
- Not have gone through foreclosure in the past 24 months.
- Not have received and Economic Injury Disaster Loan, NY Forward Loan or any other Commercial Loan since March 1, 2020.
- If you received a PPP, you are still eligible for a BBBF loan or grant.
- Have a profitable business for the 12-months leading up to March 1, 2020
- Must agree to reopen your business in Brooklyn commensurate with the appropriate opening phase as outlined by NYS, and in accordance with the safety guidelines issued by NYS for your business sector.