Our HEF Small Business Loan Provides Funding When You Need It
A major obstacle business owners encounter is the lack of capital needed for growth. However, there are several options business owners can explore to raise capital. The Harlem Entrepreneurial Fund provides women and minority entrepreneurs with supportive loan capital and technical assistance in Harlem, Washington Heights, Inwood, and the Bronx to scale their business.
Our Community and Business Impact
from 220 total loans facilitated
PERSONALIZED ATTENTION BECAUSE
Your Business Goals Matter To Us
Perks of the HEF Small Business Loan
One-on-one support from loan officers who care
Agile loan processing with the ability to approve loans in less than a week and provide funding in less than four weeks
Low loan interest rates
Tammeca Rochester opened Harlem Cycle in 2016 after noticing the limited indoor cycling facilities in the neighborhood. Understanding the value of physical and mental health, Tammeca wanted to cultivate an experience in her cycling studio that catered specifically to the Harlem community.
She initially applied for a loan at the Harlem Entrepreneurial Fund in October 2016 to finance additional equipment needed to grow the studio’s vast array of fitness classes. Harlem Cycle’s business has progressed significantly employing seven independent contractors with plans to hire an additional three instructors and received an additional loan from HEF to open a new cycling studio on Harlem’s 125th Street. In addition to the loan assistance, HEF provided 40 hours of free advisory services through its Growth Path program and Harlem Cycle experienced a 52% increase in sales since 2017.
Tammeca Rochester has stated, “While it can be very difficult to secure a loan as a minority business owner, HEF was the first CDFI willing to provide me with the opportunity and capital needed to expand my business”.