Micro Enterprise Loan Fund Program

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Empire State Development has capitalized three revolving loan funds for financing small loans to Minority and Women-Owned Business Enterprises (MWBEs) through authorized, locally based administering micro-lending corporations.

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Assistance includes:

  • Loans up to a maximum of $7,000.
  • Project funds may be used for acquisition or improvement of real property and purchase of machinery and equipment; (See also Financing--Working Capital).
  • Interest rates are determined by the administering micro-lending corporations.
  • Maximum loan term is 24 months.
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  • Loan applicants must be small and high-risk for-profit businesses that are MWBEs with no more than $100,000 in annual gross revenues.
  • For start-ups, applicants must demonstrate entrepreneurial or other business training. 
  • Ineligible uses of program funds include refinancing debt, residential construction or renovation (unless pursuant to a government-sponsored project), payment of tax or employee benefit arrearages, projects of newspapers, broadcasting, news media, medical facilities, libraries, community centers, or public infrastructure.
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How to Apply

Please contact participating lenders listed below: 

Bronx Overall Economic Development Corporation

851 Grand Concourse

Bronx, NY 10451

Service Area: Vendors at the Bronx Sunday Market and micro businesses in Bronx Community Districts 1-4

Contact: Mr. Michael Nixon, Credit Analyst/Compliance Officer at (718) 590-8310