Business Loans

U.S. Small Business Administration Loans

Read about our business loans here.

If you’re interested in a Community Advantage or SBA 504 loan, contact us through our loan inquiry form below.

Community Advantage Loan Program

The Community Advantage Loan Program is a type of SBA 7(a) small loan for small- to mid- sized businesses looking to scale up or for entrepreneurs looking to start new business. Our Community Advantage Loans range from $5,000 to $350,000 and can be used for costs such as payroll, inventory, new equipment, and more. To inquire about your eligibility for a Community Advantage loan, please contact us and mention in the contact form you are interested in a Community Advantage loan.

  • Eligible Businesses: for profit companies, including partnerships, proprietorships, LLC and qualified start- ups. This loan is only for businesses within the Bronx.

  • Eligible Uses: uses for this loan are flexible. Payroll, inventory, equipment, loan refinancing, are examples of eligible uses.

  • Loan Amounts: minimum: $5,000; maximum: $350,000.

  • Term of Loan: generally, 10 years based upon loan amount.

  • Financing Structure: Dependent on the Wall Street Journal Prime Rate and the size of the loan.

  • Fees: dependent on the size of the loan.

504 Loan Program

The 504 Loan Program provides long-term, fixed rate financing for purchasing real estate, major fixed assets, and capital improvements, that promote business growth and job creation. BICNY coordinates the financing package between a small business, a traditional private lender, and the U.S. Small Business Administration (SBA). The 504 loan consists of two loans: a conventional first loan, typically for 50 percent of the project cost, from a private lender. The SBA -backed portion of the 504 loan will be a second loan, financing up to 40 percent of eligible project costs. The remaining 10 percent of project costs will be an equity injection from the small business owner.

  • Maximum SBA loan amount: Loans are generally capped at $5 million. Certain eligible energy-efficient or manufacturing projects may qualify for more than one 504 loan up to $5.5 million each

  • Interest rate: Below-market interest rates are fixed for the life of the loan.

  • Required equity: A low down payment (10 percent in most cases) conserves your working capital.

  • Terms: 10, 20 or 25 year terms

  • Use of proceeds: Long-term, fixed assets for expansion or modernization (usually real estate or large equipment). Refinancing of large equipment and/or owner-occupied commercial real estate may also be possible.

  • To be eligible for a 504 loan, your business must: 

    • Operate as a for-profit company in the United States or its possessions.

    • Have a tangible net worth of less than $15 million.

    • Have an average net income of less than $5 million after federal income taxes for the two years preceding your application.

    • Loans cannot be made to businesses engaged in nonprofit, passive, or speculative activities. For additional information on eligibility criteria and loan application requirements, small businesses and lenders are encouraged to contact a Certified Development Company in their area.