Listed below are the Program details and  requirements for both “On the Street” and “On the Avenue” applicants. Once you review the following information and if you qualify, contact the Harlem Business Alliance  at 212.665.7010 to schedule an appointment.

• Two (2) written recommendations (one of which must be from an existing landlord(s). No personal or familial recommendations accepted
• Personal credit scores equal to, or greater than 600, for all guarantors
• Detailed project budget (including documentary evidence for construction, equipment and inventory costs) and explanation of sources and uses of funds
• Proof of sufficient financing to cover detailed project budget (anticipated UMEZ funds can be included as working capital)
• One page executive summary including an overview of the company’s management team qualifications and products/services offered.
• Two (2) year monthly financial projection of Income Statement
• No liens or judgments for unpaid taxes
• Unconditional guaranties by all principals. If business has just one principal than he/she must meet additional personal net worth criteria of 50,000
• No outstanding loan balance with UMEZ or BRISC

Loan Structure

• Loans will be offered on a “first come and as funds permit” basis to qualified entreprenuers
• 0% Interest Rate
• Loan amounts up to $50,000 (loan amount will be the lesser of; (i) $20 per sqaure foot of gross retail space or (ii) $50,000
• Loans will be structured as two –year forgiveable loans, where; 40% is forgiven one year after: (a) date of initial disbursement or (b) date Certificate of Occupancy is obtained (whichever is later); and The  reamaining 60% is forgiven two years after: (a) date of initial disbursement or (b) date Certificate of Occupancy is obtained (whichever is later)
• After the second year, any un-forgiven amount will be amortized over three (3) years
• Loans will be secured by: (i) unconditional personal guaranties from all principals and (ii) first position security liens against all equipment or other assets purchased with the loan proceeds. If the business has just one principal, the he/she must meet additional personal net worth criteria.
• Loan is to be used by applicant for business purposes only.

Applicants must complete and submit the following items:

• A completed loan application
• Certificate of Good Standing
• Copy of executed lease period of at least five (5) years
• Copy of individual and corporate federal tax returns for prior three (3) years (as applicable)
• Copy of commercial liability, property casualty insurance and worker’s compensation insurance form
• Submission and approval of VENDEX form
• Completion and submission of IRS form 4506-T
• Schedule a brief site visit with HBA  staff at 212.665.7010