BOEDC

The Business Assistance Initiative Loan Program (“BAI”)

The Business Assistance Initiative Loan Program (“BAI”)

Eligible Businesses

For profit companies, including partnerships, proprietorships, LLCs and qualified startups.

Loan Amounts

50% of a qualified project’s cost, up to $1,000,000.00.

Financing Structure

50% BAI, 40% Bank or other co-financer, and 10% borrower equity (other financing structures available).

Terms

Up to 20 years based upon repayment ability.

Rate

Up to 2% above the Wall Street Journal Prime Rate at the time of contract.

Job Creation

1 job for an EZ zip code resident for every $65,000 borrowed.

Restrictions

The BOEDC Board and New York Empowerment Zone Board must approve financing.

Eligible Projects

Varies, subject to above-referenced approvals, but generally for the purchase of machinery and equipment, land and/or facility improvements .

Collateral

Mortgages on property; liens on equipment and machinery (and on other assets in some cases); lease assignments; and personal and corporate guarantees.

Benefits

  • Up to a 20 year term
  • Low, fixed interest rates
  • Waiver of mortgage recording tax on BOEDC portion of mortgage financing
  • Can provide up to 90% financing
  • The BOEDC can take second position to co-financer on collateral

Fees

2% Processing Fee (½ due at signing of commitment, ½ due at closing).

BOEDC and The Bronx Borough President’s Office are committed to addressing the small business financial recovery needs of our borough.

Businesses and nonprofits interested in applying for emergency financing should contact a BOEDC representative below

“HELPING BUSINESSES FINANCIALLY RECOVER TO MAKE A STRONGER BRONX "

For further information contact:

Contact Us