HEF Small Business Spotlight: First Choice Mechanical

“The loan from Harlem Entrepreneurial Fund has helped me to not only expand my business, but gave me the opportunity to leverage my business income, and hire new employees. For that reason, we will continue bidding on new contracts knowing that CDFI’s such as HEF will provide gap funding, when larger financial institutions refuse to do so. The future looks optimistic”.

First Choice Mechanical, Inc. (FCM) is a certified Minority and Women-Owned Business Enterprise (MWBE) HVAC company that was established by Jimmy Moyen in 2001. It provides comprehensive heating, ventilation, and air conditioning services for diversified markets, including, but not limited to education, medical, transportation, commercial, and residential buildings in the New York City Metro area. Mr. Moyen's entrepreneurial drive and love for the trade transformed First Choice Mechanical from a side venture to a profitable full-time business.

In December 2020, after learning about HEF's products and services from Mr. E. Hamil Douglas, HEF’s President & CEO, Mr. Moyen applied and was approved for a line of credit in the amount of $100,000. The funds provided cash flow for a boiler replacement project at Columbia University. Mr. Moyen initially searched for financing through several local banks, but was told they primarily offer loans to businesses with substantial cash reserves to limit financial risks. While most large banks neglected First Choice Mechanical’s growth potential due to its lack of financial resources, HEF believed in the company after reviewing its contracts and business history. HEF's loan allowed FCM to stay ahead of schedule on two major projects, including the boiler replacement at Columbia University and the design and construction of the base building for Long Island University’s Veterinary Learning Center on the CW Post College Campus.

During spring 2021, Mr. Moyen acquired an additional $2M contract, and is seriously considering a new loan from HEF. “The loan from Harlem Entrepreneurial Fund has helped me to not only expand my business, but gave me the opportunity to leverage my business income, and hire new employees. For that reason, we will continue bidding on new contracts knowing that CDFI’s such as HEF will provide gap funding, when larger financial institutions refuse to do so. The future looks optimistic,” said Mr. Moyen.