The Brooklyn EXCELerate Loan Fund is a partnership between the Social Justice Fund of the Joe & Clara Tsai Foundation, Brooklyn Chamber of Commerce, Brooklyn Alliance Capital and TruFund Financial Services, offering loans of up to $100,000 to Brooklyn small businesses at 0%-2% interest.
The program will fund Black Indigenous People of Color (BIPOC) owned small businesses that operate in Brooklyn. The business must have been in operation on January 1, 2019, and been temporarily or permanently shut down due to COVID-19 or show a 33% decline in revenue in 2020 compared to 2019 as a result of the pandemic.
The program provides "character-based" loans based on business’ viability and ability to repay, and applicants will be reviewed in part based on references provided by community members. Further, the program will look to support small business owners whose credit has been impacted due to the pandemic, and small business loans will not require collateral or a guarantor.
If a business meets these conditions, there are two levels of lending available:
Rapid Recovery Loan
Up to $15,000, 0% interest
The loan will aid Brooklyn businesses who were able to stay open through the pandemic or were required to temporarily shut down due to government restrictions with expenses like equipment, renovations and rent & lease assistance, all at no interest.
$15,000 to $100,000, 2% interest
Qualifying Brooklyn businesses which have closed temporarily or have significantly reduced operating hours and have significant challenges to reopening or normalizing due to insufficient operating capital.