As stated in the press release below, Citibank will give $50,000 to the BOEDC so they can increase their speed when processing small business loans. Kudos to Citibank again for coming through for the Bronx.
For anyone out there seeking a mortgage pre-approval or mortgage information please feel free to reach out to a mortgage broker at Citibank that I use often. Here is his contact information;
Home Lending Specialist
Cell # 718-564-0187
Office # 718-320-3362
Fax # 866-840-1537
BOEDC TO RECEIVE FUNDING FROM CITIBANK
On Wednesday, July 27, the Bronx Overall Economic Development Corporation (BOEDC) will receive a $50,000 check from Citibank. This funding will be used to hire a credit analyst to facilitate the increase in lending BOEDC has seen with local small businesses. This funding will allow BOEDC to analyze a business’ credit worthiness in a shorter time, thus increasing the number of loans issued.
Last year, BOEDC leveraged almost $30 million in funding to local businesses, a 52 percent increase in lending over the previous year. In light of how difficult it has been for local businesses to borrow from local banks, BOEDC's participation in the lending process, in which they finance 50 percent of the loan, has allowed banks to continue to lend while minimizing risk.
Local businesses have also been able to receive loans at below market rates, thereby giving them the opportunity to put more of their profits back into their businesses.
WHEN: Wednesday, July 27
TIME: 9:00 am
WHERE: Bronx Overall Economic Development Corporation
851 Grand Concourse, Room 123