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Business Initiative Corporation outlines SBA 504 and Bronx-focused loans to help small businesses
Summary
On BronxNet's Meetings of the Minds, Rafael, president of the Business Initiative Corporation of New York, explained how SBA 504 financing and a Bronx-only Community Advantage loan help businesses buy property, control rent exposure and access working capital; he cited typical loan sizes, eligibility and how to apply.
Rafael, president of the Business Initiative Corporation of New York, told BronxNet’s Meetings of the Minds that the nonprofit’s primary product is the SBA 504 loan, which helps small businesses purchase the real estate where they operate and lock long-term financing.
"Our bread and butter is the SBA 504 loan," Rafael said, explaining the program is owner-occupied and can let a business limit rent increases by owning its premises. He said the SBA portion often requires about 10% down for qualifying borrowers and has interest rates on the SBA portion locked for 20 to 25 years.
Rafael contrasted SBA-backed lending with conventional bank loans, saying…
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