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Business Initiative Corporation of New York

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Description

Offering comprehensive SBA lending services, this financial institution specializes in supporting small businesses with a variety of loan options. With a focus on the New York region, it provides tailored financing solutions to help entrepreneurs grow and succeed. The bank is experienced in handling SBA 7(a) loans, providing funding for working capital, equipment, and real estate purchases. Its team is dedicated to guiding clients through the application process, ensuring clarity and support at every step. Whether you’re a startup or an established business, this lender offers flexible terms and competitive rates to meet your needs. The institution also understands the importance of quick access to funds, making it a reliable partner for your business growth plans. Located at 851 Grand Concourse in Bronx, NY, it serves a diverse range of industries, with particular strength in retail and service sectors. The bank’s commitment to small business success is reflected in its personalized approach and extensive industry experience.

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Q&A

Lender Type
Commercial Bank
Question 1
What is this place and what can I find here?
Answer 1
This is a financial institution that provides SBA loans and small business financing solutions. You can find support for your business growth, including funding for real estate, equipment, and working capital needs.
Question 2
Do I need an appointment or can I walk in?
Answer 2
It"s recommended to schedule an appointment to ensure dedicated time with a loan officer, but walk-in consultations may be available during business hours.
Question 3
What are the hours of operation?
Answer 3
The bank operates Monday through Friday from 9:00 AM to 5:00 PM, with additional hours by appointment.
Question 4
Is there a fee to use this?
Answer 4
There are no fees for initial consultations; however, loan processing and closing may involve standard fees and charges.
Question 5
Who is this open to — anyone, or only residents/members?
Answer 5
This lender primarily serves small business owners in the Bronx and surrounding areas, with eligibility based on business qualification criteria.
Question 6
What minimum personal credit score does this bank look for in a guarantor?
Answer 6
A minimum personal credit score of 640 is generally recommended, but approval depends on overall financial circumstances.
Question 7
How long does the traditional underwriting process take from start to close?
Answer 7
The underwriting process typically takes between 30 to 45 days, depending on the completeness of your application and supporting documents.
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