On April 5th, a credit fair will be held in the Bronx (please see the attachment for details). This fair will have the potential to assist many businesses that would be interested in growing their businesses. This fair is a wonderful opportunity to have small business owners, entrepreneurs and startups to meet in place with a wide variety of lenders to discuss small business loans and with other groups offering technical assistance with obtaining credit. Access to capital for the last two years has been frustrating for small business in New York City. The fair will have at least 12-15 different institutions present to work with the attendees.
This is a win-win event. The small businesses will speak with the lenders and gain insight about lending requirements and small businesses with unsuccessful loan applications can speak with counselors to possibly correct the deficiencies in the application.
Last November Speaker Christine C. Quinn and the New York City Council announced a small business initiative to help small businesses access capital. The initiative entitled “Credit Ready NYC” is a two part effort to help businesses learn about what lending services are available to assist them in obtaining loans and repairing their applications if they have been turned down previously. The first part is a pamphlet titled “Resources for Small Businesses in Need of Credit”. The booklet is a compilation of banks and organizations that will provide information on how to obtain loans and offer advice on applying for a loan. The second part of the initiative is the creation of Credit Fairs around the City to be held in each borough, small businesses, entrepreneurs and startups will have the opportunity to meet with lenders and organizations and engage in conversations that can lead to loan talks or scheduling an appointment to discuss how to access credit to either start a business or grow their existing businesses. The Council encourages all small businesses to take advantage of this initiative.
The fair will be held on April 5th at the Hutch-Metro Center, (please see attachment) and will be a Bronx Small Business credit fair. It will be co-hosted by the Speaker in collaboration with the Bronx Borough President, the Bronx Overall Development Corporation (BOEDC), THE Bronx Council Delegation, the Bronx Chamber of Commerce and the Department of Small Business Services. We definitely encourage small businesses, entrepreneurs and startups to attend. It is also open to anyone wanting to have financial information prior to getting involved with the creation of a business or to better manage the one that they are involved with. There will be banks, alternative lenders and nonprofit organizations to offer loan and financial services.