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FAQ

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Q. What does Renaissance Economic Development Corporation do?

A. REDC disburses loans of up to $100,000 to developing businesses and small businesses looking to expand. We also provide technical assistance to clients and financial advising (in four languages – Cantonese, Mandarin, Korean, and English) to small business owners and entrepreneurs throughout the five boroughs.

Q. What kinds of businesses does REDC give loans to?

A. REDC lends to legally registered emerging and growing legal businesses in New York City. REDC does not provide financing to independent professional service providers including doctors, lawyers, accountants, and contractors.

Q. What is the procedure of obtaining a loan from REDC?

A. Potential borrowers will be given in application package to be completed. An initial screening will be done upon receipt of this followed by a complete and thorough due diligence of the proposed loan. To begin, please Contact Us

Q. How long does the loan process take?

A. On average, it takes 2-4 weeks to process a case after all required documents are submitted.

Q. What is the maximum amount of money I can borrow from REDC?

A. REDC offers loans of up to $100,000, but the maximum amount is dependent upon the type of loan requested. Please refer to the Small Business Loans page for more information.

Q. How much money can I receive as a startup business?

A. REDC can lend applicants with startup businesses up to 50% of the startup capitalization.

Q. If I have a low credit score, am I still qualified for a business loan?

A. We are actually more flexible in terms of credit issues compared to banks. However, the suggested credit score should be higher than 600. We also encourage people to build up their score and come back when their credit has improved.

Q. What are the interest rates on the loans REDC offers?

A. Interest rates vary depending on the type of loan being taken out. Please refer to the Small Business Loans page for more information on specific rates.

Q. Can I get a grant from REDC?

A. Unfortunately, REDC does not provide grants.

Q. Can I get a loan to buy an existing business?

A. No. Loans for acquisitions are considered personal loans, which REDC does not offer. REDC can lend money for working capital after a business is purchased.

Q. If I own a business outside of New York City, can I get a loan?

A. No, REDC only offers loans to businesses located within the five boroughs of New York City.

Q. What kinds of services does REDC offer besides lending?

A. REDC offers various technical assistance services including professional counseling, small business training courses, and various single-topic seminars. Please refer to our Technical Assistance and Events pages for more information.

Q. How can I contact REDC?

A. If you are interested in any of our programs and services, or have additional questions, please feel free to call us at (212) 964-6022, or e-mail us at info@renaissance-ny.org.