Brooklyn Business Center Helps Pave the Way to Success for Local Business
Restoration’s Brooklyn Business Center (BBC) is a one-stop solution provider for everybody who owns a small business or is thinking of starting one. Jerry Chase, the owner of Sunshine Heating Co. in Jamaica, NY was looking for some business advice, and by way of Restoration’s Weatherization Department, he was turned to BBC.
Mr. Chase’s 19-year-old business had yet to receive the New York City certification for Minority and Women-owned Business Enterprise (M/WBE) and he wasn’t sure how one could go about getting one. Minority-owned businesses face significant barriers to capital acquisition and growth. In a recent report on CNBC, an economist at the federal Small Business Administration (SBA) said, “There’s empirical evidence that minorities have been disproportionately denied access to capital when they apply for it.” That bias particularly affects Hispanics and African-Americans. Minority and women-owned business certification attempts to bridge this gap in access to capital, while also positioning minority business owners, including women, to be considered for specially earmarked government and corporate contracts. Mr. Chase felt an M/WBE certification would allow him to expand his services to a new audience and yield new sources of revenue.
BBC worked closely with Mr. Chase to help prepare his application. Unfortunately, the initial submission was considered incomplete and was turned down. Restoration was able to advocate on behalf of Mr. Chase, meeting with city officials to discuss his case. Within weeks, Mr. Chase received his M/WBE certification.
The certification could not have come at a better time. Recently, New York City Mayor Bill de Blasio announced a major boost to the city’s efforts to promote minority and women-owned businesses. The size of two loan funds established by the city to support M/BWEs is being tripled, de Blasio said, with $40 million in affordable loans being promised by the city’s three designated banks: Amalgamated Bank, Bank of America and TD Bank. The total pool of revolving loan funding of $60 million that will now be available to M/WBEs and small businesses should help them overcome barriers to becoming city contractors.
BBC and Restoration are committed to ensuring such opportunities for other businesses in Central Brooklyn. Please visit our website -- http://restorationplaza.org/bklyn_business_center/ to see how we can assist you and your business grow. To learn more about the M/WBE visit NYC.gov