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:

In May of 2011 we implemented a Legal Assistance component for neighborhood businessess in conjuction with the law firm of Clifford Chance, LLP and the NYU School of Law.

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

Entrepreneurial Assistance Program (EAP) The Entrepreneurial Assistance Program (EAP) was created in New York State by the NYS Omnibus Economic Development Act of 1987. Since its inception, the EAP initiative has helped entrepreneurs create new businesses and has provided in-depth assistance to minorities, women and dislocated workers interested in starting a business.

State of NY EAP website

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

B.O.$.$. Loans

The Washington Heights and Inwood Development Corporation (WHIDC), through its Business Opportunity Success System (BO$$) micro business development program, operates a loan program to service very small businesses. From its first loan in April of 1995 through February of 2011, the program has awarded over $5,120,000 to 361 microentrepreneurs. Our maximum loan size is $50,000, although we do make larger loans to certain targeted business types that show particular potential and have documented needs.

Most BO$$ loans are made to business operators who either live in or operate their business in Washington Heights and Inwood, which is defined as all of Manhattan north of 155th Street. We also make loans in Harlem and the Western Bronx.

BO$$ Loans are made only to individuals. Individuals may apply for a loan on behalf of their corporation or partnership, but will be personally liable for the loan. Loans can be used for any legitimate business purpose such as cash flow, equipment, inventory or debt refinancing.

Micro business owners/entrepreneurs may apply for a BO$$ loan in any amount from $400 to $50,000. Larger loans are available through participations with other lenders. The interest rate for the BO$$ loan program as of March 15, 2011, is 9% per year. The maximum term of BO$$ loans under $10,000 is usually one year. Our maximum term for regular BO$$ loans is five years. There is a non-returnable loan application fee of $25 for BO$$ loans ranging from $400 to $1000, $75 for loans from $1001 to $5,000, $150 for loans from $5,001 to $10,000 and $200 for loans from $10,001 to $20,000 and 1% of the loan amount for loans over $20,001. Fees and monthly loan payments must be made by check or money order. There are no closing costs or prepayment fees.

For BO$$ loans, the owner/entrepreneur must provide us with evidence of having a good credit history. Such evidence might include three consecutive months of paid rent, telephone, utility, car or other loan payments. You must provide us with proof of your income, such as pay stubs and/or a copy of your W-2 form or last year’s personal (“Schedule C”) or business income tax return. It will greatly improve your chances of securing a loan if you bring copies of your current and past years business financial statements and personal and business tax filings. It will greatly improve your chances if the applicant has someone guarantee their loan payments.

Loans over $50,000 can be secured through our linkages with other lenders. These larger loans may require more detailed documentation and may require a minimum of two to three years of tax returns, collateral and audited financial statements. The fee structure for these larger loans may differ, based on the loan provider.

A loan application is available once an initial intake interview is conducted. The completed loan application is reviewed by a committee which may ask the applicant to attend a meeting personally to answer specific questions about their loan request and business. The average time between the submission of a completed application and the approval/check disbursement is four weeks.

The BO$$ micro business loan program was made possible by an initial capitalization grant from JP Morgan Chase. Additional grants in support of the program’s capitalization and/or administration have come from HSBC Bank USA, Bank of New York, Capital One, Apple Bank, the Empire State Development Corporation, and the US Small Business Administration.

If you have any questions, please call Zuleika Gavilanes or Maria Bassallo at (212)795-1600. We ask that you DO NOT submit the application via e-mail or fax.

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Entrepreneurial Assistance Program

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 2008, BO$$ provided direct pre-loan or non-loan related technical and referral service to over 150 small businesses. In addition, we supported over 70 businesses with assistance on a post-loan basis.

What We Do

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.

Continuing our Service

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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Child Care Business Development Program (CCBDP)

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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(BO$$) programas de préstamos de pequeños negocios

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 préstamo en Abril del 1995 hasta Octubre del 2007, el programa ha beneficiado cerca de $4,546,000 y cerca de 300 pequeños empresarios. El promedio 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: Zuleika Gavilanes o Maria Bassallo (212) 795-1600.

Proyecto de Desarrollo de Cuidado de Niños

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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