Loan Eligibility

The Business Center for New Americans can offer microloans to applicants who meet the requirements below (please note:  if you do not qualify, we will be happy to help you find another microlender with whom you can work.)

  • Business location
    • Queens or Staten Island
    • Manhattan, Brooklyn, or the Bronx if the business owner is an immigrant, a refugee, or female
  • Business type
    • Retail, light manufacturing, restaurants, and service business
  • Loan amount
    • Up to $35,000
  • Equity (cash on hand)
    • A minimum of 20% of the amount of loan requested
  • Guarantor (co-signer)
    • For a loan of $3,000 to $35,000, a guarantor with an acceptable income level and good credit history must co-sign the loan
  • Business history
    • Existing businesses need a minimum of 3 – 6 months of verifiable revenue
    • Start-ups must provide a start-up budget

Apply for a Loan Now!

Click here to download the PDF file of the loan application and click here for the credit check form.