Brooklyn Chamber of Commerce Launches Coronavirus Loan Program

Small businesses in Brooklyn have another chance at getting a coronavirus loan – and they won’t have to negotiate the U.S. government’s paycheck protection program to get it.

The Brooklyn Chamber of Commerce will provide loans in the coming weeks of up to $ 30,000 to any store owner who has been affected by the pandemic and has been excluded from the US Small Business Administration’s program, The Post has learned.

The Bring Back Brooklyn Fund has raised $ 125,000 in interest-free loans for as little as $ 500 and with few conditions. Restaurants, bars, cafes, hairdressers, daycares, gyms and others are required to repay loans on a flexible schedule. The money from the repaid loans will in turn be loaned to other companies, Brooklyn Chamber officials said.

Ordinary Brooklynites can contribute to the fund, which was started with contributions from local merchant associations. The goal is to raise up to half a million dollars, officials say.

“In 2008, Main Street bailed out Wall Street. Who is going to bail out Main Street today? Randy Peers, CEO of the Brooklyn Chamber of Commerce, said in a statement.

Almost 85% of Brooklyn businesses that applied for PPP loans did not receive funds, according to a recent Brooklyn Chamber survey. The statistics were even worse for minority and female-owned businesses, with 90% of applicants not receiving loans.

The funds will be administered through the Brooklyn Chamber’s Community Development Financial Institution (CDFI) program, which offers microloans to small businesses in Brooklyn that are not generally eligible for bank loans.

To be eligible, a business must show that it does not qualify for other business loans and is considering reopening its business in Brooklyn.

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