Eligible Businesses

For profit companies, including partnerships, proprietorships, LLC and qualified start- ups, specifically for eligible projects as described below.

Eligible Uses

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

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

Loan Amounts

80% of a qualified project’s cost, up to $200,000.00.

Term of Loan

Up to 10 years based upon repayment ability.

Financing Structure

80% EZLF and 20% borrower equity.
Rate of Loan

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

Fees

2% Processing Fee (1/2 due at signing of commitment, ½ due at closing).

Collateral

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

Eligible Businesses

Any small business located in The Bronx Must be a legally registered business for at least two years.

Eligible Uses

Funds can be used as working capital, for the purchase of machinery or equipment, inventory or accounts receivable.

Loan Amounts

Minimum $10,000
Maximum $50,000

Term of Loan

Two to five years, depending upon the size of the loan and the use of the funds, at prime plus 2%.

Financing Structure

First security interest on assets
Personal and corporate guarantees

Rate of Loan

WSJP + 2%

Fees

Application fees are as follows:
Loans less than $25,000: $100.00
Loans $25,000 and above: $250.00
Applicants will be charged a $100.00 fee to cover the cost of UCC filings

Collateral

10% Collateral

Eligible Businesses

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

Eligible Uses

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

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

Loan Amounts

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

Term of Loan

Up to 20 years based upon repayment ability.

Financing Structure

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

Rate of Loan

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

Fees

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

Collateral

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

The BXEDC can take second position to co-financer on collateral.

Eligible Businesses

For profit entities, which includes service, retail and manufacturing businesses operating in the BEZ; non-profit organizations located in the BEZ; and housing corporations developing or operating housing in the BEZ.

Eligible Uses

Implementation of energy-efficient measures, including: electric/alternative fuel machinery and equipment; boiler retrofit; new technology to reduce air pollution and/or cause energy savings; green roofs and other greening measures; hybrid or electric vehicles; solar technology; wind technology; customized energy surveys

Loan Amounts

Minimum $10,000
Maximum $100,000

Term of Loan

Up to 7 years, contingent upon amount of loan

Financing Structure

10% equity for existing businesses; 25% for start-ups

Rate of Loan

0%

Fees

2% of the loan amount. Application fee: $250 (non-refundable)

Collateral

Will vary depending upon the project. Often takes the form of liens on equipment and machinery; lease assignments; and other corporate guarantees.