Announcing New Quick-Action Short-Term Working Capital Loans
We are very pleased to announce that BCNA is now offering new Quick-Action Short-Term Working Capital Loans. These business loans of $10,000 to $50,000 offered at highly discounted rates are designed to quickly and efficiently provide working capital to New York small businesses and entrepreneurs.
BCNA is one of six CDFIs that are participating in the TILT Forward Program, which licenses products and services from a range of companies and makes them available at the lowest cost. The TILT Forward program also enables BCNA to benefit from a proprietary platform that is able to identify credit worthy borrowers using world-class data analytics within twenty four hours.
We have already made five loans to small businesses in Brooklyn to test this product and are now rolling it out to benefit more entrepreneurs and business owners in all five boroughs of New York City.
We have come a long way since 1998, when we made our first loan of $10,000 to a refugee from the Former Soviet Union who needed money to start a tailoring business in Brooklyn. As we have grown and evolved since then, our dedication and commitment to serve low to moderate income immigrant, refugee, and female business owners has grown even more steadfast.
To date, BCNA has made 2,338 loans for a total of almost $15 million. For each loan, which ranges from $500 to $50,000, there is a unique story of how the money has helped the borrower strengthen and grow their business, create new jobs, build credit, and start saving to purchase their first home or invest in education. The loans are not just a transaction for us, but an opportunity to introduce our clients to the American financial system so they understand that if they invest in safe and smart financial products, they are likely to achieve financial success.
We are not content to rest on our laurels, though. We know that it is critical to think strategically about the future. The role of technology has been dramatically shaping the online lending environment and the speed at which some financial products are available has made us aware of the importance of adapting with speed and creativity. Many small business owners – in their haste to get a loan or due to lack of transparency of the terms of these loan products – are suddenly finding themselves with a loan with interest rates often over 30%.
We are confident that our Quick-Action Short-Term Working Capital Loans will fill a need for busy hardworking New York business owners who need working capital and will appreciate the quick-decision pre-qualification process, the quick approval process, and the highly competitive rates.
If you know of a business (with annual revenues of $100,000) that would benefit from our Quick-Action Short-Term Working Capital Loans, or if you need additional information, please contact Leonid Ostrovsky, BCNA’s Director of Lending, at email@example.com or at 212-898-4130.
Thank you to Capital One for making this program possible.