Stewart to host small business seminar

• Will Focus On NYC’s Capital Access Revolving Loan Guaranty Program

Kendall Stewart

On Thursday July 23, Councilmember Kendall Stewart will host a “Small Business Seminar” aimed at informing and educating the local business community in the 45th District about capital financing programs available to them during this very difficult economic period.

The seminar will be held at St. Augustine Episcopal Church located at 4301 Avenue D (East 43rd Street and Troy Avenue) from 11:00 a.m. to 12: 30 p.m.

“I have invited the New York City Economic Development Corporation (EDC) and the Brooklyn Chamber of Commerce to provide the expertise and resources for participants. This seminar is aimed at highlighting and explaining a very exciting City business program that I enthusiastically endorse and recommend,” Councilmember Stewart said.

The NYC Capital Access Loan program provides micro and small business owners and lenders a streamlined method to obtain up to a 40% guarantee for qualified loans and lines of credit up to $250,000. The program uses an expedited eligibility review by having lenders use their own credit decision process and loan documentation. This ensures faster access to financing.

Financing is available for retailers, manufacturers, wholesalers, non-profit organizations, contractors and distributors. Applicants must be located and conducting their business in New York City. Loan proceeds should be used for working capital, leasehold improvements and equipment purchases. Some micro-lenders will consider start-up loan applications. Interest rates are negotiated between borrower and lender.

“Many small and medium sized businesses fail because of undercapitalization. What this program offers is an opportunity to adequately finance your business and the technical expertise and guidance that help small businesses succeed. Or course, lenders' normal collateral policies and procedures will apply to the Capital Access guaranteed loans. I especially urge women who own businesses to attend this seminar,” Councilmember Stewart said.

Brooklyn is home to a very large percentage of small and medium sized businesses with 91% of the approximately 38,704 business establishments in Brooklyn had fewer than 20 employees.

The smallest businesses are called micro businesses and those managed by families are called as moms and pops businesses. These smaller businesses generally have employees in number from 0 to 10. Many a times, the owners are the workers in these businesses.

“These businesses are the lifeblood of Brooklyn and sustain local communities. They provide entry level employment for first time workers and boost the local economy in a variety of ways. It makes sense to help this business community improve, grow and develop,” Councilmember Stewart said.

Interested parties can call (718) 951-8177 for more information or to register for the seminar or email: AmcKoy@council.nyc.gov