BK Chamber, NYBDC Announce First Set of Brooklyn Fund Loans

The Brooklyn Chamber of Commerce, in partnership with New York Business Development Corporation (NYBDC), will announce on December 19 the first set of loans to be awarded to Brooklyn-based businesses under The Brooklyn Fund, launched in the spring of 2013.

The $10 million fund, which has a particular focus on veteran and immigrant owned businesses, offers small dollar loans up to $350,000 backed by U.S. government guarantees through the U.S. Small Business Administration's Community Advantage and Small Loan Advantage Programs.

As part of the overall fund, money has been set aside to further benefit veteran and immigrant entrepreneurs who operate a business in the borough. In addition, the Brooklyn Chamber and NYBDC will donate 1% (or $4,300) of the total approved loan amount to a non-profit organization that helps immigrant communities in New York City.