Loan funds will be allocated directly to businesses that were qualified as having met BAC’s underwriting standards after the execution of a binding loan agreement with the Brooklyn Alliance Capital. 65% of the total loan funds must be reserved for Minority/Women and/or Immigrant-owned businesses.
Their loans will assist small businesses to pay their bills, clean and sanitize their shops, hire staff, pay vendors, and more. These resources will help our borough’s small businesses to outlast the pandemic, save jobs, and support local neighborhoods.
Please note: The Brooklyn Chamber of Commerce is making donations of PPE available (masks & thermometers) to select businesses. Contact them for additional information
General Eligibility Criteria for a Bring Back Brooklyn Loan:
- Be no more than 30 days late on any bills, loans, credit cards, or any other payment. (With the exception of rent.) If you are late, the total late balance must be under $5,000. (Judgment)
- Not have declared bankruptcy in the past 12 months
- Not have gone through foreclosure in the past 24 months.
- Not have received and Economic Injury Disaster Loan, NY Forward Loan or any other Commercial Loan since March 1, 2020.
- If you received a PPP, you are still eligible for a BBBF loan or grant.
- Have a profitable business for the 12-months leading up to March 1, 2020
- Must agree to reopen your business in Brooklyn commensurate with the appropriate opening phase as outlined by NYS, and in accordance with the safety guidelines issued by NYS for your business sector.