A. REDC disburses loans of up to $100,000 to developing businesses, or small business looking to expand. We also provide technical assistance to clients and financial advising (in four languages – Cantonese, Mandarin, Korean, and English) to small business owners and entrepreneurs throughout the five boroughs.

A. REDC lends to arising and growing legal businesses in New York City. REDC does not provide financing to independent professional service providers including doctors, lawyers, accountants, and contractors.

A. Potential borrowers will be given in application package to be completed. An initial screening will be done upon receipt of this followed by a complete and thorough due diligence of the proposed loan.

A. On average, it takes 2-3 weeks to process a case after all required documents are submitted.

A. REDC offers loans of up to $100,000, but the maximum amount is dependent upon the type of loan requested. Please refer to the Small Business Training Program page for more information.

A. REDC can lend applicants with startup businesses up to 50% of the startup capitalization.

A. We are actually more flexible in terms of credit issues compared to banks. However, the suggested credit score should be higher than 600. We also encourage people to build up their score and come back when their credit has improved.

A. Interest rates vary depending on the type of loan being taken out. Please refer to the Small Business Training Program page for more information on specific rates.

A. Unfortunately, there is no federal grant money for individual business owners.

A. No. Loans for acquisitions are considered personal loans, which REDC does not offer. REDC can lend money for working capital after a business is purchased.

A. No, REDC only offers to loan to business located within the five boroughs of New York City.

A. REDC offers various programs including professional counseling, small business training courses, and various single-topic seminars. Please refer to our Programs and Events pages for more information. In addition, REDC is the Zone Administrator for the Chinatown/Lower East Size Empire Zone and assists business and organizations in applying for business certification and zone capital credits. More information about the Empire Zone Program can be found here.

A. If you are interested in any of our programs and services, or have additional questions, please feel free to call us at (212) 964-6022, or e-mail us at Info@renaissance-ny.org.