Friday, December 9, 2016
$500K in New Financing Program Available to Women Owned Businesses in the Bronx
A new program offered to women- and minority-owned businesses in the Bronx will increase their financing options beginning in early 2017. The Contract Financing Program will increase lending from the current $125,000 at 6-9 percent interest to $500,000 at 3 percent interest rate.
Contract Financing Program
The program is part of the city's bigger plan to allocate 30 percent of city contract funding to MWBEs by 2021. MWBE's are Minority or Women owned businesses, Small Disadvantaged Businesses, and Underutilized businesses who have completed the certification process which is a review process designed to ensure that a small business is actually owned, controlled, and operated by the applicants. Those who receive certification are eligible for city contract funding.
Importance of certification
“If you’re not certified, you’re not able to get all the services that they provide, particularly having your name on a list that these agencies that are here can locate you,” stated senior MWBE adviser, Rev. Jonnel Doris. The city’s MWBE Office has held open houses in Brooklyn, Manhattan and Queens to communicate the new financing program and allow certified MWBEs to register.
In two years, the city has awarded $3.54 billion for MWBEs. More will be awarded as the number of certifications increases. Certification is important in order for MWBE businesses to get the contracts. As Doris stated recently, “That is the entry point into our program.”
For more details, visit www.bronxchamber.org