U.S. Majority Leader Charles E. Schumer and U.S. Senator Kirsten Gillibrand today announced $2,400,000 in federal funding for the BOC Capital Corporation in New York City. This funding was allocated by the Economic Development Administration (EDA) as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was championed by the senators. Specifically, this funding will be used to create a $2,000,000 Revolving Loan Fund (RLF) to support minority communities and organizations with fewer than 50 employees in Kings, New York, Queens, Bronx, and Westchester Counties.
“In these trying and unprecedented times, it’s critical that we support African American and Latino entrepreneurs in underserved communities across New York to help put local economies on track to recovery,” said Senator Charles Schumer. “That is why I fought hard to include EDA funding in the CARES Act, and additional EDA funds in the American Rescue Plan to help communities and local businesses weather the devastating economic impact of the COVID-19 pandemic and invest in the recovery of local economies. This federal investment will provide a lifeline to small businesses and entrepreneurs, saving thousands of jobs and creating hundreds of new ones.”
“The COVID-19 pandemic has stunted economic growth and far too many businesses in New York are struggling to keep their doors open, let alone grow their businesses,” said Senator Gillibrand. “The BOC Capital Corporation stepped up to the plate to make sure New York’s most disadvantaged entrepreneurs and small business could survive this economic crisis. This significant federal funding will help BOC continue their work investing in small, midsized, and minority businesses to create more jobs and help New York City’s economy recover.”
“At BOC Capital, we are dedicated to reaching businesses and communities that have been hardest hit during the pandemic. It is often these very same businesses that face the greatest challenge in accessing relief programs. We are grateful to the Economic Development Administration for making it possible for BOC Capital to deliver more resources to local entrepreneurs whose businesses are vital to their diverse communities.” -Nancy Carin, Executive Director, BOC Capital Corp.
The BOC Capital Corporation has been providing small business owners, especially women, minority and immigrant entrepreneurs, with business development guidance and flexible, customized loans since 2001. Many small and mid-sized businesses have struggled to stay afloat due to COVID-19 economic disruptions, which disproportionately impacted communities of colors and women. The BOC Capital Corporation was essential in helping small businesses navigate economic distress and acquire financing through the Paycheck Protection Program (PPP). In addition to the $2,000,000 RLF, $4,000,000 was awarded for technical and administrative assistance.
The CARES Act established $1.5 billion in EDA funding for economic development assistance programs to help communities respond to the coronavirus.