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Monday, November 13, 2017

New Brooklyn Chamber of Commerce Program is Making Loans to Women Owned Businesses

New Brooklyn Chamber of Commerce Program is Making Loans to Women Owned Businesses
The Brooklyn Chamber of Commerce recently granted $15,000 in loans to five small businesses in Brooklyn. The businesses are owned by women, minorities and immigrants. The loans were made by the nonprofit arm of the chamber, Brooklyn Alliance.

Loans help women, minorities and immigrants

The Brooklyn Alliance, founded in 1967, is the not-for-profit, economic development arm of the Brooklyn Chamber of Commerce. Programs through the Alliance leverage the Chamber’s resources in order to promote economic, community, business and workforce development. The loan program is new and targets a diverse group of small companies all across Brooklyn, including businesses owned by women, minorities and immigrants.

Loans are approved based on background, neighborhood profile and credit history. The five businesses that recently received loans through the new program are using the funding to create marketing plans, create online business portals, create or improve web sites, and other business efforts that will increase their business and extend their products and services beyond Brooklyn.

The new loan program was made possible through a $125,000 grant from the U.S. Treasury Department. It has made a difference between success and failure for some businesses. Brooklyn Chamber of Commerce President and CEO Andrew Hoan views the loans as a way to also make Brooklyn grow. He stated, "When they grow, we grow—as they will continue to hire Brooklyn.”

Read more about the Brooklyn Alliance by visiting www.ibrooklyn.com/about-us


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