Crown Heights restaurant opens second location, thanks to community financial institution collaboration led by Brooklyn Business Center
Restoration’s Brooklyn Business Center (BBC) has been a reliable and dedicated resource for many aspiring and established entrepreneurs in Central Brooklyn. Their services range from business planning, raising capital, legal help, seminars, and more. Utilizing a client centered approach, BBC meets each person where they are in life and in their business. This approach becomes even more important facing business owners of color who may experience unique barriers to raising capital or expanding their business. Island CZ Cafe, a Carribean restaurant and bar in Crown Heights, was one of those businesses.
Island CZ Cafe was looking to expand to a second location, so they sought the help of the Brooklyn Business Center. Kevin Edwards, business adviser at the Brooklyn Business Center got them started. “I had a conversation with entrepreneur Stanley Golding, from Island Cz Cafe, who shared the need for business growth. Realizing the opportunity for business expansion and access to capital, I coordinated an introductory phone call with Stanley and Dannette, Branch Manager of Carver Federal Saving Bank, which led to a wonderful outcome” says Edwards.
Carver Federal Saving Bank was able to help Stanley and co owner Patrick Clarke open a business account. “We were able to establish a business account, and outsourced the loan to our business partner Excelsior Growth Fund, an affiliate of New York Business Development Corporation. After the loan was packaged and submitted, we received an approval within 2 business days and the account was funded” says Dannette Sullivan-Hyatt, AVP and Branch Manager at Carver Federal Saving Bank.
The Excelsior Growth Fund, a non profit and Community Development Financial Institution (CDFI) was able to review the business and turn around a decision in 48 hours. “This type of financing is crucial for the prosperity of communities and businesses in need of financial services. Throughout the years, we have played a pivotal role in the development of New York ’s economy and beyond, playing an integral role in supporting small businesses with a specific focus in low-to-moderate income communities.” says Paola Garcia, Vice President of Excelsior Growth Fund.
The collaborative effort required to help Island CZ Cafe to fund their dreams of a second location was made possible through the connections created through the Brooklyn Business Center. Every member of the entrepreneurial community in Brooklyn is encouraged to visit and learn how BBC’s client centered approach to business development can help them. Learn more by visiting the Brooklyn Business Center website.