Brooklyn Daily Eagle
The Brooklyn Chamber of Commerce, in partnership with the New York Business Development Corporation (NYBDC), has approved the first two loans under the Brooklyn Fund to local, immigrant-owned businesses.
The $10 million Brooklyn Fund, which has a particular focus on veteran and immigrant owned businesses, offers small loans up to $350,000 backed by U.S. government guarantees through the U.S. Small Business Administration's Community Advantage and Small Loan Advantage programs.
The recipient of the first loan, totaling $120,000, is the popular Brooklyn café Hungry Ghost. Located at 781 Fulton St. in Fort Greene, this is the third Hungry Ghost café owned by Justin Boshell and Murat Uyaroglu.
The other loan recipient is Edible Arrangements, which has been approved for a $310,000 loan.
"Small businesses are the lifeblood of our economy, so it's wonderful to see more mom-and-pop stores opening and expanding in Brooklyn," said Carlo A. Scissura, president & CEO of the Brooklyn Chamber of Commerce. "I really can't think of a better way to help immigrant business owners than with the chance to attain low-interest loans.”
The $10 million fund offers small dollar loans up to $350,000 backed by U.S. government guarantees through the U.S. Small Business Administration's Community Advantage and Small Loan Advantage programs.
As part of the overall fund, money has been set aside for the "Brooklyn Immigrant Fund," which is open to all foreign-born residents who operate a business in the borough.
"We have planned our expansion in Brooklyn very carefully," said Hungry Ghost Partner/CEO Murat Uyaroglu. "We want each location to have its own personality and reflect the clientele and neighborhood it serves. We are not a franchise. We are small business owners who want to help and support our community. Thank you to the Brooklyn Chamber of Commerce and NYBDC for approving our loan application."
Hungry Ghost's other locations are on Flatbush Avenue in Prospect Heights and in the recently remodeled BRIC House.
As part of the loan dispersal, the Brooklyn Chamber of Commerce and NYBDC donated one percent of the total amount distributed -- a total of $4,300 -- to the Caribbean American Chamber of Commerce and Industry, a non-profit organization that helps immigrant entrepreneurs.