Bronx Overall Economic Development Corporation (BOEDC)
Bronx Overall Economic Development Corporation (BOEDC)
The Bronx Overall Economic Development Corporation
(BOEDC) and the Office of the Bronx Borough President has
established the Bronx Business Continuity Loan (BBCL) with
the goal of providing recovery financing to businesses of the
Bronx. The Bronx Business Continuity Loan Fund was
created to help sustain viable businesses through these
challenging times caused by the Covid19 pandemic.
The use of these funds will provide local emergency business financing and bridge loan funding until government contingency financing is in place.
Eligible Companies
For profit entities, including service, retail and manufacturing
companies operating in the Bronx and nonprofit organizations
located in the Bronx. (Schools and residential buildings are
excluded.)
Eligible Uses
- Payroll expense
- Commercial Mortgage / Rent
- Equipment lease payments
- Insurance premium expense
- Miscellaneous business discontinuance expense
Loan Amount
Minimum $10,000
Maximum $100,000
Loan Term
Up to 5 years (60 months)
Loan Rate
1%
Grace Period
The first payment will be due 180 days
after funding
Fee
Application Fee: $ 25 (non-refundable)