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New World Center Business Loan


Renaissance Economic Development Corporation
is excited to present the New World Center Business Loan for business owners interested in opening at Flushing’s New World Center mall.

Eligibility Requirements

Eligible business will meet the following conditions:

  1. Located in the building of New World Center at Flushing with a lease; and  
  2. Expected to create at least 1 Full-Time Equivalent (FTE) job opportunity.  

Loan Terms

  1. Uniform 4% interest rate;
  2. Loan amounts of up to $50,000.00 (Loan request of over $50K will be considered case by case for some circumstances);
  3. Terms of up to five years.

Documentation

The following documents are required:

  1. Completed loan application;
  2. Lease verifying the business location at New World Center;
  3. Business registration or certification;
  4. Owner’s personal photo identification;
  5. Owner’s personal credit report;
  6. Last year corporate tax return if the business has one; and
  7. Others that our counselors deem necessary to approve loan application.

Loan Uses

Loan proceeds must be used as working capital for the borrower’s legitimate business purposes in New York City. Loan proceeds may not be used for the payment of any tax arrearages or governmental fines or penalties.

Deadline

The deadline for applications for the New World Center Business Loan Program is December 31, 2011.

For more information please Contact Us