Loans, New App Launch To Help East Village Small Businesses

EAST VILLAGE, NY — Two programs to help small businesses are coming to the Village as a part of an effort to help small businesses succeed, politicians and small business advocates announced Tuesday.

Renaissance Economic Development Corporation is offering $50,000 loans with fixed low-interest rates and the Village Alliance has launched an app, called Village Access, for a residents' discount card for exclusive opportunities at small businesses in the Village, neighborhood leaders said Tuesday at a press conference in front of an empty storefront on East Ninth Street.

"We know that high rents and a changing marketplace are making it incredibly difficult for our immigrant small businesses to survive and grow," said Jennifer Sun, co-executive director at the Asian Americans for Equality, of which Renaissance EDC is an affiliate.

The East Village Revitalization Loan Fund was born out of outreach to small businesses last year and can be used for new equipment, furniture, marketing, payroll, or renovations. Interest rates are as low as 3 percent.

Tamika Gabaroum, who is planning to open a new restaurant called Green Garden at 332 E. Ninth St., is using a loan from Renaissance EDC already to help her open the eatery after two years of struggles with landlords, according to Renaissance.

"Lack of access to affordable capital is an insurmountable hurdle to many small business owners who want to open or take their businesses to the next level," said Laura Sewell, executive director of the East Village Community Coalition. "The East Village Community Coalition relies on Renaissance EDC for their expertise in small business lending, and welcomes the opportunity to work with them on the East Village Revitalization Loan Fund."

The second new initiative is the Village Access card mobile app.

"We are always seeking new ways to raise the profile of our local merchants within the broader community," said the executive director of the Village Alliance William Kelley.

The small business initiatives come after the City Council passed a package of legislation, including a bill to establish a city registry of all storefronts that have been vacant at least three months. Another bill, spearheaded by the East Village's Councilmember Carlina Rivera, would require a review of storefronts in at least 20 districts every three years to improve data on storefronts.

"Small businesses are essential parts of what make neighborhoods in New York City unique," Councilmember Carlina Rivera said in a statement. "When a small business closes, it is not only a loss for their neighborhood's local economy, but also for its vibrancy and character."