Current WHIDC Programs Offered

Business Opportunity Success System (B.O.$.$). BO$$ focuses on the delivery of capital, technical assistance and referral services to micro enterprises. We define micro-enterprises as those businesses with less than ten employees and annual gross income of less than $500,000. Three programs are available:

Micro-Business Loan program a loan program to service very small businesses located in the Washington Heights and Inwood community of Manhattan. En Español

Business Assistance Center providing business development assistance to in-home businesses, legal street vendors, small storefront operations, and those seeking to develop tourism related businesses.

Child Care Business Development Program The CCBDP assists local childcare providers succeed in establishing a business that provides a living wage, stable employment, and high quality childcare services. En Español

The BO$$ program has assisted in the creation of over 350 micro enterprises in our community since 1992. Thirty three percent (33%) of our loans have gone to pure start-up businesses, Ninety three percent (93%) of our loans went to minority- and Thirty eight percent (38%) went to women-owned businesses.

How it works
Most of our loans are made to businesses located within the community of Washington Heights and Inwood. Loans are restricted to businesses that have less than 10 employees and annual sales of less than $500,000.

BO$$ loans are not targeted to any specific business use, they can be made for the purposes of working capital, cash flow, debt consolidation, inventory and/or equipment.

Loans are only made to individuals. Individuals may apply for loans on behalf of their corporation or partnership, but they are personally responsible for the loan. We make loans to startups as well as existing businesses.

The minimum loan amount is $400 and the maximum is $25,000. Direct loans of up to $50,000 are available under certain of our programs. The term of the loan is based on the size of the loan, the needs of the business and the applicant's ability to pay it back . The maximum term of loans under $10,000 is, generally, one year. Loans under $25,000 generally have terms of less than three years

Loan applications are reviewed by staff and by a committee, either of which may ask the applicant to attend a face to face meeting to answer specific questions about their loan request and business. Once we have a completed application, approval takes less than one month (usually a week or two).

Fees
There is a non-returnable loan application fee of $25 for loans ranging from $400 to $1000, $75 for loans ranging from $1001 to $5,000, $150 for loans from $5,001 to $10,000 and $200 for loans over $10,001. Applicants must pay this fee by check or money order when the loan application is submitted.

A pdf copy of the loan application is available. Please read the instructions carefully. If you have any questions, please call Danny Ramos or John Bozek at (212)795-1600. We ask that you DO NOT submit the application via e-mail or fax.

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The ability of many entrepreneurs to create, develop and successfully operate businesses in the Washington Heights and Inwood community of northern Manhattan is limited by the lack of access to affordable capital, lack of business management experience and education, lack of commercial space, high commercial rents, and an almost total lack of business development assistance sensitive to the needs of our business community.

Who we help

We focus our services on residents of, and businesses in, Washington Heights and Inwood in Upper Manhattan. We do assist persons and businesses in adjoining communities, such as Harlem, East Harlem and parts of the western Bronx. Reflecting our community, the vast majority of those we assist are Latino, with very limited English speaking abilities. Most are recent immigrants to this country, unfamiliar with our business practices and support systems.

During 2006, BO$$ provided direct pre-loan or non-loan related technical and referral service to over 160 very small. In addition, we supported over 70 businesses with assistance on a post-loan basis.

We provide one-on-one business counseling and technical assistance. Most of the folks we assist are not looking for a loan but are having a problem with their business. We can interpret business correspondence, leases and other information you may not understand. If you need a permit or license for your business, we can assist you in finding the right places to go. Need a business plan? We can direct you to a number of free or low cost providers that can work with you. Have another problem? If we can't help you, we will find someone who can.

If you would like to speak with someone about help with your small business and live in the Washington Heights and Inwood neighborhoods, please contact us by email or at (212) 795-1600 to set an appointment.

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The CCBDP assists local childcare providers succeed in establishing a business that provides a living wage, stable employment, and high quality childcare services. The program is a joint effort of the Washington heights and Inwood Development Corporation and the Business Outreach Centers Network.

Most home-based child care providers and new child care centers need substantial support in the form of business counseling, training and other support services. Our project focuses on licensed home and center based childcare providers throughout Washington Heights and Inwood in Upper Manhattan, and surrounding neighborhoods.

The Childcare Business Development Project is a Spanish language, self-employment and business expansion project designed to assist low-income individuals develop licensed childcare businesses. The goals of the project are to help low-income and TANF individuals create their own jobs by helping them establish and/or expand childcare businesses. The program works with recently licensed childcare providers, who, for the most part, have not yet started their enterprise.

We have designed and implemented a comprehensive business development curriculum for childcare providers. The project provides a comprehensive 18-session childcare business development curriculum, which includes marketing, financial literacy, basic accounting, legal issues and business planning.

There is no cost involved to participate in this program. For more information, contact Geiny Paulino at (212) 795-1600.

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Washington Heights and Inwood Development Corporation (WHIDC por sus silabas en Ingles), Por sus exitoso sistemas de oportunidades de negocios (BO$$) programas de préstamos de pequeños negocios, esta corporaciôn opera un programa de préstamos para servirle a pequeños negocios. Desde su primer préstamos en Abril del 1995 hasta Octubre del 2007, el programa ha beneficiado cerca de $4,546,000 y cerca de 300 pequeños empresarios. El average de un préstamo es de $14,000. Usualmente la máxima cantidad a prestarse es de $25,000, pero también hacemos préstamos de grandes cantidades a negocios que tengan un gran potencial y que sometan los documentos requeridos.

La mayoría de los préstamos de BO$$ son otorgado a negociantes que viven o operan su negocios en Washington Heights y Inwood, lo cual se define desde la 155 calle norte en Manhattan. Nosotros estamos incrementando nuestra actividad de préstamos a Harlem y al sureste del Bronx.

BO$$ préstamos son individuales. Un indviduo puede aplicar por un préstamo sin importarse su corporación o afiliamiento, pero usted va a ser personalmente responsable por el préstamo. Los Préstamos pueden ser usados para cualquier área del negocio por ejemplo perdidas de dinero, equipamientos, inventarios o deudas.

Dueños de pequeños negocios/empresarios pueden aplicar por un préstamo de BO$$ en cualquier cantidad desde $400 hasta $25,000. La taza de interés del programa de prestamos de BO$$ es de un 9% por año, desde Octubre del 2007. El tiempo máximo para pagar un préstamo de BO$$ de mas de $10,000 es tres años. Se requiere $25.00 no-renvorsable por aplicación de préstamos de $400 hasta $1000, $75 por préstamos desde $1001 hasta $5000, $150 por préstamos de $5001 hasta $10,000 y $200 por préstamos de $10,001 o más. Usted debe pagar esta cuota por cheque o giro postal inmediatamente usted someta la aplicación a nosotros. No hay costos por sierre o pagos por adelantado.

Para los préstamos de BO$$, dueños/empresarios tienen que proveer evidencia de haber tenido un buen historial de crédito. Esta evidencia debe de incluir tres pagos consecutivos de arrienda, de teléfono, utilidades, carro o pago de préstamo obtenido anterior. Debe proveer prueba de ingresos, ejemplo, copia del último formulario W-2 o el último “horario personal C” o el último ingreso de su negocio (taxes).

Será mas facil el chance de usted recibir un préstamo si ústed provee información de su ultimo taxes Y financiamiento de su negocio. Será más fácil para el aplicante obtener un préstamo si presenta un garante que garantice sus pagos.

Préstamos de mas de $25,000 también puede ser seguros por nuestras conexiones con otros prestamistas. Debido a la fuerte cantidad de estos préstamos nosotros requerimos más información, más documentaciones y puede ser requerido los tres últimos ingresos de su negocio (taxes) y una audición sobre sus ingresos.

Una aplicación para un préstamo es iniciada cuando se conduce una entrevista. La aplicación es revisada por el comité, este puede ser que lo invite a una entrevista para responderle preguntas acerca de su préstamo requerido para su negocio. El tiempo que puede durar la sumisión Y la aplicación es de cuatros semanas para la entrega de su cheque.

El programa de prestamos a pequeños negocios BO$$ ha sido posible por una capitalización inicial otorgada por el JP Morgan Chase. Beca adicionales han sido apoyadas por la capitalización de programas Y administración del HSBC Banco de los Estados Unidos, Banco de Nueva York, Citibank, Apple Bank, Empire State Development Corporation, y la administración de pequeños negocios de los Estados Unidos (SBA).

Para requerir información adicionar sobre BO$$, o para aplicar por un préstamo, Contacte: Daniel Ramos (212) 795-1600.

El Proyecto de Cuidado de Niños (CCBDP por sus siglas en ingles) fue creado en el invierno de 2002, como una base para ayudar a las proveedoras que trabajan desde sus casas proveyendo cuidado diurno, para que aprendieran nuevas tecnicas de como manejar sus negocios de una forma exitosa. El Proyecto consiste de 18 sesiones de entrenamiento gratuito (durante 9 semanas, las clases son los martes y jueves) y consejeria para ayudar a las proveedoras a responder a preguntas como: "Dondo voy a conseguir financiamiento para los materiales y juguetes que voy a necesitar?" y "Como voy a encontrar clientes para registrarlos en mi negocio y abastecer la capacidad del mismo?"

En cada caso, un consejero con experiencia en negocios, entrenadores, y empleados del Proyecto esta disponible para ayudar con cualquier pregunta.

El Proyecto consiste de nueve semanas y cuatro temas: Planeacion Exitoso, Mercadotecnia, Finanzas, y Operaciones. Una copia del entrenamiento completo y una descripcion del tema se le enviaran por correo.

El programa es completamente gratis y ha otorgado mas de 120 diplomas profesionales. Para mas informacion, favor de contactar a Geiny Paulino (212) 795-1600 o por email.

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