What does Renaissance Economic Development Corporation do?
REDC’s purpose is to transform low income neighborhoods by providing entrepreneurs with financial and technical assistance services designed to help them at every stage of their businesses development. REDC provides affordable loans of up to $250,000 to developing businesses and small businesses looking to expand. We also provide group and individual training and counseling to small business owners and entrepreneurs throughout the five boroughs.
What kinds of businesses does REDC give loans to?
REDC lends to legally registered emerging and growing businesses in New York City. REDC does not provide financing to independent professional service providers including doctors, lawyers, and accountants and alcohol-based companies.
What is the procedure for obtaining a loan from REDC?
Potential borrowers will set up a one-on-one counseling session with a REDC Business Counselor first to discuss their business and financial needs. After the counseling session, the potential borrower will be given a loan application package to be completed. The completed loan application package will be followed by a complete and thorough evaluation of the proposed loan. To begin, please contact us.
How long does the loan process take?
On average, it takes 2-4 weeks to process a case after all required documents are submitted.
What is the maximum amount of money I can borrow from REDC?
REDC offers loans of up to $250,000, but the maximum amount is dependent upon the type of loan requested.
How much money can I receive as a startup business?
REDC can lend applicants with startup businesses up to 50% of the startup capitalization.
If I have a low credit score, am I still qualified for a business loan?
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.
What are the interest rates on the loans REDC offers?
Interest rates vary depending on the type of loan being taken out. Please see our Loan Products page for more details.
Does REDC offer grants?
Unfortunately, REDC does not provide grants.
Can I receive a loan to buy an existing business?
REDC does not provide business acquisition loans. However, when the acquisition is completed, REDC can lend money for working capital.
If I own a business outside of New York City, am I eligible for a loan?
No, REDC only offers loans to businesses located within the five boroughs of New York City.
What kinds of services does REDC offer besides lending?
REDC offers various technical assistance services including professional counseling, small business training courses, and various single-topic seminars. Please see our Group Training and Individual Counseling pages for more information.
How can I contact REDC?
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 make an appointment here.