Wheated
Wheated Pizzeria opened July 2013. It has a focused menu of a dozen or so pies, each named after a Brooklyn neighborhood. The owners, Kim McAdams and David Sheridan, were in need of a loan in order to continue selling these pies.
With the help of a loan from BICNY, Kim and David were able to purchase an existing mixed-use building and have it undergo leasehold improvements for their business. Since then, Wheated has had incredible success, and even became one of the go-to Brooklyn pizzerias.
Tobalá
Tobalá, an Oaxacan restaurant in Riverdale, came to BICNY through its sister organization, the Bronx Economic Development Corporation. After seeing the restaurant’s New York Times review, our lenders knew this business could be a huge success – if they got the financial help they sought.
The owners of Tobalá previously took out loans with an extremely high interest rate, which ultimately put them in more debt. BICNY helped them refinance those and take out an SBA Community Advantage loan instead. The BXEDC provided a Commercial Development Loan as well. Both of these loans have low interest rates, offering access to capital, which is essential for small business owners.
“We are now able to invest back into our business and focus on expanding our offerings,” said Tobalá co-owner Bill Mercader of the loans they received. “This kind of support is essential for small businesses like ours to grow and thrive in the Bronx and I can't express my gratitude enough."
Salsa Catering
“I have known the BICNY organization, with its mission to impact small businesses obtain real estate and major equipment lead by Rafael Rogers, for many years. When the opportunity came to purchase my 20 thousand square foot building, I immediately contacted the dedicated team at BICNY.
They shared my vision, got me the necessary documents and set me on my path to funding. Having the BICNY loan program with its features, including only a 10 percent down requirement, put obtaining my building in reach and obtainable.
My chosen partner bank with BICNY was Ponce Bank, and they work very well as a team to get me to the goal line. I recommend other small businesses to take advantage of the BICNY opportunity as the organization and team want to effect Bronx and New York State small businesses to grow and have asset ownership. To foster opportunities, BICNY holds an annual Bronx Bankers Breakfast and Fall Networking to connect the world of Bankers and small businesses to make deals. Get your deal done at BICNY.” — Daniel Garcia, owner of Salsa Catering