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BCNA provides microloans for start-ups, business expansion and refinancing. Our microloans range from a minimum of $500 to a maximum of $50,000, for up to three years. Check our Loan Requirements to make sure you qualify, then apply online. If you have any questions, contact our loan staff below.

Loan Requirements and Costs


Loan Requirements

  • Loans above $3,000 must have an additional guarantor who will be required to pay if the borrower defaults
  • The borrower must match 20% of the loan amount with equity in the business
  • The borrower must not have declared bankruptcy in the past 12 months
  • The borrower must show sufficient cash flow to make monthly loan payments
  • The business must have all required licenses, or be in the process of obtaining required license(s)
  • While we do not require a minimum required credit score, if there is a pattern of non-repayment of other debts, or the borrower does not demonstrate willingness to repay, the loan will not be approved.

Interest Rates and Fees

  • 8.25% fixed interest rate for loans of $500 – $9,999
  • 10% fixed interest rate for loans of $10,000 – $50,000
  • Loan Application fee (includes one credit report):
    • $25 for loans up to $3,000
    • $50 for loans above $3,000
    • Each additional credit report is $15
  • Closing fee: 2% of loan amount for all loans

Borrowers have from 6 months to 3 years to repay loans.
We offer a pilot program for loans up to $75,000. Ask if you are eligible.

Apply now by completing our quick and easy online application form. If you have any questions, call a staff member below for help.

Our Loan Staff

Leonid Ostrovsky
Director of Lending
lostrovsky@nybcna.org

212 898 4130
Speaks Russian

Vish Dasma
Senior Loan Officer
vdasma@nybcna.org
718 701 4110
Speaks Hindi and Kannada

Ervin Gega
Supervising Senior Loan Officer
egega@nybcna.org
212 401 6229
Speaks Albanian and Italian

Juan González
Senior Loan Officer
jgonzalez@nybcna.org
Manhattan (M-W) 212 898 4167
Queens (Th-F) 347 649 1488
Speaks Spanish

Maria Paulino
Senior Loan Officer
mpaulino@nybcna.org
718 701 4110
Speaks Spanish

With a loan from BCNA, our dream of opening a dessert shop became a reality.” – Khalid Hamid, Island Pops

What a BCNA Loan Could Cost You

Loan Calculator