Areas Served: City of Brooklyn
Restoration Capital Fund, Inc. (RCF) supports entrepreneurship and minority-owned businesses that create jobs and contribute to Brooklyn’s economy and community life.
In partnership with Brooklyn Cooperative Federal Credit Union (BCFCU), RCF offers fixed-rate business loans for the following purposes: – To purchase inventory, supplies or materials – Acquisition and/or improvement of buildings, plant and equipment – Working capital Other purposes as deemed appropriate and consistent with RCF’s economic development priorities, which include: – Diversification of products and services available to neighborhood residents, including storefront retail and restaurants.
– Businesses that meet employment need of neighborhood residents.
– Businesses that espouse green principles or promote green products and services.
– Businesses declined by traditional lenders but are worthy of a second look Through a partnership with Workshops In Business Opportunities (WIBO), RCF provides both pre- and post-lending technical assistance to ensure efficient and effective deployment of capital, and to support the success of business owners and their obligations as borrowers.
– Interest rate is based on prime + 6% Maximum Loan amount: – For established businesses (in business more than 2 years):up to $50,000 – For startups (in business less than 2 years): up to $10,000 – For working capital loans up to $35,000 – All borrowers and co-borrowers must complete one or more meetings or classes conducted by RCF’s technical assistance partner, Workshops In Business Opportunities (WIBO).
WIBO offers seminar series to prepare entrepreneurs for the loan process, as well as follow-up technical assistance.
– Site visits to the business will be conducted regularly to verify collateral and proper use of funds, to maintain relationships withborrowers, and to identify further business assistance needs.
Contact InformationRestoration Capital Fund
Address: 1368 Fulton St
City: Brooklyn
State: New York
Website:
http://www.restorationplaza.org/business/small-business-assistance
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