Yesterday UMEZ and ACCIÒN’s New York subsidiary announced that $5.5 million in affordable business loans would be made available to small-business owners in depressed upper Manhattan neighborhoods, including Harlem, East Harlem, Washington Heights and Inwood, representing some 40 different nationalities.
UMEZ and ACCIÒN, along with a handful of large banks, aim to provide a foothold. Of the $5.5 million in available capital, $2 million comes from UMEZ in the form of a grant, while Banco Popular, JPMorgan Chase (nyse: JPM – news – people ) and TD Bank USA have offered to underwrite $3.5 million in loans administered by ACCIÒN’s New York subsidiary.
One interested customer, a Harlem resident name Kevin Forbes, says he plans to apply for an ACCIÒN/UMEZ loan to open his own laundromat later this year. It won’t be easy: Three laundromats closed in Harlem last year because they couldn’t pay rising rents.
Read the whole article on Forbes.com
$5.5 Million Business Loans for Uptown Entrepreneurs
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Posted in: Business/Finance, Community
Posted on January 23, 2007 by D. Bell