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History
The Minority and Women Business Committee of the African American
Chamber of Commerce of Westchester and Rockland Counties was
formed in January 2005 to explore the needs of this constituency
of business owners, growing in number in the Counties. Several
important issues were identified for new and emerging businesses,
but access to capital, or lack of it, was considered by far
the most serious roadblock to business growth.
In response, the African American Chamber
of Commerce of Westchester and Rockland Counties developed
a program which provides low-interest, fixed rate loans to
minority and/or women-owned businesses. Loans generally are
from amounts of $2,500 to $15,000. Businesses with a need
for loans of a greater amount are referred to other possible
sources of revenue.
The Minority or Women Business Revolving
Loan Fund is administered through the African American Chamber
of Commerce of Westchester and Rockland Counties.
Application
Process
Qualified business owners doing business in Westchester and
Rockland Counties, or prospective business owners interested
in setting up in Westchester and Rockland Counties, should
call the African American Chamber of Commerce of Westchester
and Rockland Counties (914-699-4749) to request a loan application.
There is no processing fee. In order to apply, start-ups will
need to submit a complete business plan, including a description
of the business, market analysis and projections, marketing
plan and uses for the proposed loan. Existing businesses will
need two years of financials, along with a summary business
plan detailing their current operations and need for the loan.
Applications will be considered on
the basis of personal credit history for new businesses, along
with the business plan. Those who would like free business
counseling on developing a business plan or a free evaluation
of a current business plan should set up an appointment with
either a SCORE counselor or SBDC - Small Business Development
Center (718-960-8697).
The Peer Review Board, which is responsible
for reviewing all applications, is a group of volunteers including
bankers and business leaders who meet on a month to review
applications. They do not use strict formulas or criteria
to make their decisions, but rather look for promising businesses
proposals that are not generally fundable by “traditional”
sources. Loan terms and payback periods can be flexible to
meet the need of the applicant.
The only cost to the applicant is $75.00
payable upon approval a the time of closing.
For
more information please contact us at:
100
Stevens Avenue, Suite 202
Mount Vernon, New York 10550
Phone:
914-699-9050, Fax: 914-699-6279
Email
Us
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