Loans available to small businesses

Growing up around my grandfather’s butcher shop in Soundview in the ‘60s and ‘70s, I learned not only the value of hard-work, but also this simple truth: small businesses are the backbone of our communities. The same holds true today — from family run restaurants to neighborhood retail stores — small businesses are the economic engine of the Bronx. These businesses create good-paying jobs, pump money back into the local economy and spur innovation and entrepreneurship. 

That’s why Bronx Borough President Ruben Diaz Jr., the Bronx Overall Economic Development Corporation and I announced a major investment in our local small businesses last week. The Bronx Revolving Loan Fund will provide small businesses — of different sizes and sectors — with nearly $500,000 in new loans. These loans will range from $2,500 to $50,000 and are available to all Bronx-based businesses immediately.

I know the hardships small business owners face today. That’s why I made sure these funds could be used in flexible ways. The only requirement for applicants is that they be registered in the Bronx for two or more years.  

Put simply, the Bronx Revolving Loan Fund will increase access to much needed funds, simplify the lending process, and ultimately, create big opportunities for our small businesses. 

Jeffrey D. Klein is the state Senator for the 34th district, which includes Riverdale, and leader of the Independent Democratic Conference. Point of view is a column open to all.