Community Capital New York is an enthusiastic supporter of small business! By providing loan capital and business development services to entrepreneurs throughout the Hudson Valley, and in Fairfield County, CT, we help create wealth for the business owner, quality jobs, revitalized neighborhoods, tax revenues and community stakeholders. Community Capital New York’s local and timely decisions provide loans for start-up and emerging businesses.
Community Capital lends to businesses that are going to be successful: they’re just not “bankable”—yet. The businesses we lend to have strong potential, but do not quite meet the credit, cash flow or collateral requirements of traditional lenders. We make them “bankable” by helping them to establish credit and stronger financial capacity.
Community Capital New York is an SBA micro-lender covering Dutchess, Orange, Putnam, Rockland, Ulster, Westchester counties, the Bronx and Fairfield County, CT. Start-up and existing businesses may apply for a loan between $1,000 and $50,000. Certain loans may qualify up to $250,000.
- Equipment purchase
- Leasehold improvements
- Licensing and permits
- Energy savings upgrades
- Working capital
- Business Debt refinancing
What We Look For in a Loan Application
First, we do a Business Assessment
- Is the business idea feasible, practical and possible?
- Is the applicant/business owner the effective owner, manager and decision maker on a real and continuing basis?
- Do you, the business owner, have the experience and knowledge to run the business? Are you committed to the business?
- Does Community Capital New York’s loan program fit the needs of the business?
Second, we do an “Ability to Pay” Assessment
We look at whether your personal financial information and business information demonstrate that you will be able to repay the loan. We get this information from your:
- Loan Application Form
- Completed Business Plan
- Accompanying Documents
- Credit Report
- Discussions between you and our staff
We verify information via references, credit reports and tax returns
Automatic Credit Disqualifiers:
- FICO below 600
- more than $1,000 in unresolved judgments, liens, collections, or charge offs
- past due amounts on existing debt
- past due amount on rent and/or utilities
- derogatory credit and payment information in the past six months
- personal bankruptcy in the last 36 months.
If at any step you have questions, please don’t hesitate to contact Fernando Ahumada, Vice President, Lending, at ext 110.