WEDC's Financial Resources

                                                      WEDC Microloan Program
WEDC's Microloan Program is a collaboration between WEDC and the Business Outreach Center's (BOC) Network with its BOC Capital Corp. Through this program we can provide clients with $500-$50,000 microloans for their small business.  Contact Lew Tischler, WEDC’s loan counselor, at ltischler@westchester.org. To download an application. For more information check out our video above.

The WEDC Scholarship Program

WEDC offers a limited number of scholarships to qualified WEDC graduates in subjects related to their industries. The number and amount of these scholarships are limited (generally between $200-$400 each). This program is made possible by a grant from EILEEN FISHER. Download an application.

The Lanza Enterprise Award Program (LEAP)

WEDC provides cash awards and technical assistance to winners of this award through a collaboration with the Lanza Family Foundation and the Women’s Research and Education Fund (WREF).  Download information and an application for the 2012 LEAP Award.  The application deadline is May 3, 2012.

Additional Sources of Business Financing

BOC Capital Corporation - WEDC’s partner, BOC Capital Corp, is a not-for-profit Community Development Financial Institution (CDFI) and a certified Community Development Entity (CDE) dedicated to providing micro-enterprise financing, with a special focus on small-business, women, minority and immigrant entrepreneurs.

NY Business Development Corporation (NYBDC) is a complement to conventional banking, working in partnership with banks to provide term loans, many of which do not meet the requirements for traditional financing. NYBDC also manages the Empire State Certified Development Corporation which is otherwise known as The 504 Company.

Individual Development Accounts (IDA) Resources - Individual Development Accounts (IDAs) are matched savings accounts that help people with modest means to save towards the purchase of a lifelong asset.

Westchester Rockland Revolving Loan Fund is geared specifically for small businesses that have been denied traditional bank loans.  Businesses may borrow from $2,500 up to a maximum amount of $30,000. Technical assistance or counseling from a related agency is required.

Bethex Federal Credit Union - Bethex offers SBA 7(a) loans to small businesses. Loans range from $5,000 to $50,000, higher with an SBA guarantee and a credit rating of at least 650. Loan applications are on-line but at least one visit to the office in the Bronx is required. Contact Joy Cousmine, President / CEO at (718)299-3062 or joy@bethexfcu.org.

Seedco Financial Services is a CDFI that makes loans from $50,000- $750,000. Contact Joe Romano at jromano@seedco.org.