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From the moment we woke up in March to a new reality and we realized that our small business clients were going to be among those hardest hit, the BCNA team kicked into high gear to help our clients weather the storm. We created an emergency loan fund for our business loan clients, an emergency grant fund for our refugee micro business clients, and processed PPP loans. In fact, so far, our lending team has disbursed $7,000,00 in loans to date for this fiscal year.
Our loan officers have reached out to every one of our clients multiple times to find out how they - as well as their businesses - are doing and what help they needed. Our administration staff worked overtime creating ways to get the help they needed to our clients. And our communications team worked tirelessly to get information to our clients, our partners, and our fellow New Yorkers about the many resources being made available.
This has been an extraordinary team effort and we are particularly indebted to our Board of Directors and numerous funders. We are also grateful for the hard work of our partners, including the Lawyers Alliance for New York, for helping us negotiate and close on loans of low cost capital for our loan fund; Opportunity Finance Network (OFN) for their support and for providing a bridge loan so that we could process PPP loans; Small Business Services (SBS) of New York City; Queens Chamber of Commerce; Brooklyn Legal Services; 81st Street Partnership in Jackson Heights; and the Street Vendors Project for collaborating and helping us provide quality services to our clients.
While we are proud of what we as New Yorkers did to buckle down, mask up, stay home, and flatten the curve, it's not over yet.
Our ongoing support to our clients includes making sure they have the capital they need to re-open safely, protecting themselves, their businesses, and their valued clients and communities.
Yanki Tshering
Executive Director
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We are very pleased to report that - with your support - we have reached and surpassed! - our goal of $50,000 for our fund to support NYC refugee entrepreneurs hit hard by the pandemic. Every dollar contributed to the BCNA Emergency Fund for NYC Refugee Business Owners has been matched, which brings the total to over $100,000, and every dollar has gone directly to refugees in need. Thanks to your generosity we have already changed the lives of so many and will continue to work to serve more. We are not done yet, however, so please consider donating to have a huge impact on the life of someone whose life was upended by the pandemic and the shutdown.
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Wells Fargo's Diverse Community Capital: Helping Us Support Clients Hard-Hit by COVID
When COVID-19 ramped up in March, it hit BCNA clients particularly hard. Most of our clients are small- or micro-business owners with minimal safety nets who had to either shut down or faced a rapidly dwindling number of clients and customers from their communities. And because many of our clients live in densely-populated neighborhoods like Corona, Jackson Heights, and the Bronx - areas that were the epicenters of the pandemic - they themselves, and their family members, became ill.
That is why we are extremely grateful to the team at Wells Fargo's Diverse Community Capital (DCC) Program, who reached out to us in April, as the pandemic raged, to find out how they could help.
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Clients Shine in the BNB Business Pitch Competition
This summer, in partnership with BNB Bank, BCNA was pleased to nominate 10 outstanding BCNA clients - all of whose small businesses had faced significant challenges as a result of the COVID-19 pandemic - for a Business "Elevator Pitch" competition that was held via Zoom. The competition was part of the Small Business COVID-19 Recovery Program for Minority and/or Women Owned Businesses in New York City, and awarded $5,000 grants to the 5 top presenters as well as $250 grants to the five runner ups.
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In spite of the ongoing global health & economic crisis, BCNA has been functioning at full capacity to help our clients through this difficult challenge. While we continue to offer relief measures for our loan clients who are facing particular hardships, most of our efforts are now focused on helping clients navigate the process of re-opening their businesses, a process that can bring a new set of challenges and expenses. That is why we are pleased to acknowledge a recent grant of $150,000 from HSBC Bank that will enable BCNA to provide clients with the advice, resources, and solutions they need to adapt as their business reopens.
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Our offices are currently open by appointment only
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By Subway:
A/C/J/Z to Fulton Street
2/3/4/5 to Wall Street
1 to Rector Street
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By Subway:
E/F/M/R to 74th St/Roosevelt Ave.
7 to 82nd St. Jackson Heights
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