Small businesses are always looking to someone to lend them money to make to idea come alive or simply grow their business and banks are not always a workable source. So where can a small business owner go to gain some cash infusion outside of friends and family? The answer is a microlender. Most states have microlenders and you can find a list of them thru your local chambers or the U.S. Small Business Administration (SBA) office in your area. I would not trust to many other sources for lending outside these two due to the numerous scams out there. But know there are many peer-to-peer lending sources as well and will share those on another day.
You should know the SBA increased the size of the small loans it backs to $50,000 under the Small Business Jobs Act singed into law in September 2010. Below are the New York City lenders that make SBA-backed microloans.
East Harlem Business Capital Corp | 212-427-6570 | www.ehbcc.org | servicing East Harlem
Grameen America Inc. | www.grameenamerica.com | servicing Queens, Brooklyn and Upper Manhattan
Renaissance Economic Development Corp. | 212-964-6022 | www.renaissance-ny.org | servicing all boroughs
Washington Heights & Inwood Development Corp. | 212-795-1600 | www.whidc.org | servicing Inwood and Washington Heights
Accion USA Inc. | 212-387-0377 | www.accionusa.org | servicing all boroughs and New Jersey
The Angel Fund | 718-787-1400 | www.angelfundnetwork.org | serving Brooklyn and Manhattan only
BOC Capital Corp | 718-624-9115 | www.bocnet.org | serving all boroughs
Business Center for New Americans | 212-898-4130 | www.nybcna.org | servicing Queens and Staten Island focusing on immigrants, refugees and women in the other three boroughs
- Microlenders Microfinancing (businesspipeline.com)