Empire State Small Business Revolving Loan Fund Program
What is the Empire State Small Business Revolving Loan Fund Program?
The Harlem Entrepreneurial Fund (HEF) is an approved lender under the New York State Small Business Credit Initiative (SSBCI), which provides funding for small businesses through the New York State Small Business Revolving Loan Fund. This loan program was designed to bridge capital access for small businesses and under-banked communities, many of which were adversely affected by the COVID-19 pandemic. Visit the SSBCI website or contact HEF for more information.
Financing Terms
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Loan Amount
Up to $250,000
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Loan Terms
1-5 years
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Interest Rate
4-12% Fixed
Loan Use
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Working Capital
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Marketing & Advertising
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Equipment & Machinery
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Leasehold Improvements
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Inventory Purchases
Eligibility
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Must be in business 2+ years
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Business must generate revenue within the past 2 years
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Have at least 2 years financial statements
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Must file personal and business taxes within the past 2-3 years
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No excessive business credit card debt
Additional eligibility requirements may apply.
Hear from our past client: Lolo’s
Lolo’s has been locally owned and locally operated since 2014, with instrumental support through a small business loan from HEF. The LoLo’s brand is now expanding with a new location, Lolo’s On the Water.
“When I married Chef Raymond Mohan, I knew that we would end up starting a restaurant.” (Leticia Skai Young)
Leticia Skai Young was born in East Harlem. As a Prep for Prep graduate, she attended the Brearley School for Girls on the Upper East Side of Manhattan. She is a graduate of the University of Pennsylvania and the Entrepreneurship program of ICC, formerly known as French Culinary Institute, Columbia University’s Community Business Program, and is a 10k small business Goldman Sachs Alum.
Lolo’s Seafood Shack opened its doors in October 2014. LoLo’s is a way for Leticia to creatively express her passion for travel and island flavors. The LoLo’s experience is inspired by the locally owned, locally operated seaside eateries; referred to as lolos, they encountered while living abroad in the British West Indies. When Young-Mohan and Mohan stumbled upon a vacant restaurant space with a backyard a few years later, they decided that “Harlem could use its own little lolo,” according to Young-Mohan. The menu features a variety of nostalgic offerings from island-styled BBQ to coastal comfort foods of the Cape to Caribbean Street eats like johnny cakes.
“I am living proof that any young lady with a dream from Harlem to the Caribbean and the diaspora beyond can live out their dreams.”